NEW DLEHI: GoFirst may no longer be able to hold on the aircraft and engines under the asset protection provided for a limited time by the Insolvency and Bankruptcy Code(IBC). The government on Wednesday clarified that notification issued this October exempting aircraft, aircraft engines, airframes and helicopters from IBC moratorium is effective retrospectively and not prospectively.
This means, unpaid lessors of aircraft and engines to GoAir may be able to get their assets back from the bankrupt airline.
Lawyer Nitin Sarin, who is managing partner of Sarin & Co, said on SM Wednesday:
