Go First insolvency: NCLAT rules in favour of airline, upholds NCLT order
The National Company Law Appellate Tribunal (NCLAT) on Monday upheld the court order admitting Go First’s (Go’s) voluntary insolvency and asked the lessors, who had challenged the moratorium on repossession of aircraft, to approach the adjudicating court.
Go will be able to retain its aircraft after NCLAT dismissed appeals filed by the cash-strapped airline’s lessors on Monday.
The appellate tribunal Bench of Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra upheld the National Company Law Tribunal’s (NCLT’s) decision of May 10 admitting Go’s insolvency plea.
