Go First bankruptcy: NCLAT to pass order on aircraft lessors' petitions on May 22

The National Company Law Appellate Tribunal (NCLAT) will pass its order on May 22 on petitions filed by three aircraft lessors against Go First's voluntary insolvency resolution proceedings.

After completing the hearing on the three petitions, a two-member bench headed by Chairperson Justice Ashok Bhushan on Monday reserved its order, PTI reported. The bench also asked the parties to submit additional documents, if any, in the next 48 hours.

A batch of petitions filed by SMBC Aviation Capital Ltd, GY Aviation and SFV Aircraft Holdings was being heard by the appellate tribunal. All three lessors have leased out around 21 aircraft to Go First.

Several lessors have approached aviation regulator Directorate General of Civil Aviation (DGCA) for deregistration and repossession of Go First's 45 planes.

Go First stopped flying from May 3.

Last week, cash-strapped airline Go First’s voluntary insolvency plea was accepted by the National Company Law Tribunal (NCLT). With this, the embattled airline's assets and leases have been granted protection under a moratorium from recovery by lessors and lenders.

The NCLT bench appointed Abhilash Lal as the interim resolution professional to look after the affairs of Go First and also suspended its board as part of the insolvency resolution process.

However, the suspended management has been directed to extend necessary support to the interim resolution professional to maintain the status of the airline. Go First's management has also been asked to deposit Rs 5 crore with IRP to meet expenses.