Go First's Insolvency: NCLAT To Pass Order On Three Petitions On May 22

The National Company Law Appellate Tribunal will pass its order regarding three petitions on May 22 filed against Go First's voluntary insolvency resolution proceedings..

After hearing all three petitions, a two-member bench presided over by Justice Ashok Bhushan reserved its decision, pti reported.

The appeal panel was hearing a group of petitions submitted by SMBC Aviation Capital Ltd, GY Aviation, and SFV Aircraft Holdings. To Go First, the three lessors have leased out about 21 aircraft.

The parties were also directed by the bench to submit any other papers they may have in the following 48 hours. SMBC Aviation Capital Ltd, GY Aviation, and SFV Aircraft Holdings had each submitted a petition, which the appellate panel was currently hearing.

Several lessors have contacted the Directorate General of Civil Aviation (DGCA), which regulates aviation, to request the deregistration and repossession of Go First's 45 aircraft.

The NCLT's Delhi-based principal bench designated a temporary resolution specialist to handle Go First's business last week and suspended the company's board as part of the bankruptcy resolution procedure.

The National Company Law Appellate Tribunal (NCLAT) will make a decision regarding the petitions filed by three aircraft lessors against the Go First voluntary insolvency resolution proceeding on may 22.