The National Company Law Appellate Tribunal (NCLAT) will pass its order in the Go First crisis today. The order that has to do with Go First’s lessors’ petitions is expected to be passed by NCLAT after 10:30 am on Monday.
LATEST UPDATE | Go First Insolvency: NCLAT Upholds NCLT Order On Aircraft Lessors' Petitions
As per official updates, the NCLAT order on Go First crisis is regarding the petitions filed by three aircraft lessors against Go First’s voluntary insolvency resolution. Experts believe that today’s NCLAT order may be a ‘do or die’ moment for Go First airlines and its lessors.
The NCLAT order is expected to be passed by a two-member bench, led by Chairperson Justice Ashok Bhushan. Before this, the order was reserved as the bench requested the submission of any additional documents within the next 48 hours, after the order being reserved and hearing completed.
The petitions in this Go First crisis case were filed by SMBC Aviation Capital Ltd, GY Aviation and SFV Aircraft Holdings. All these lessors have reportedly leased at least 21 carriers to Go First, which has also alleged that its downfall is due to many of these, especially Pratt & Whitney.
Go First crisis has taken a new turn every single day with several lessors recently having approached the Directorate General of Civil Aviation (DGCA), asking the authority to deregister Go First’s 45 planes, further seeking repossession.
Since May 3, Go First has not touched the skies of the aviation space.
