The National Company Law Appellate Tribunal (NCLAT) on Monday upheld an order allowing crisis-hit Go First’s voluntary insolvency resolution proceedings.
“The order dated May 10 admitting Section 10 application is upheld,” stated a coram of chairperson Justice Ashok Bhushan and member (Technical) Barun Mitra of NCLAT.
The lessors — SMBC Aviation Capital Ltd, GY Aviation, SFV Aircraft Holdings and Engine Leasing Finance BV — moved the appellate authority challenging the May 10 order by the National Company Law Tribunal that put a moratorium on the airline’s financial obligations and barred the lessors from the recovery of the aircraft from Go First for non-payment of dues.
