The National Company Law Tribunal (NCLT), on Wednesday, admitted Go First’s voluntary insolvency plea, resulting in a moratorium on the airline’s financial obligations, and even lessors will not be able to take possession of the aircraft which are on lease.
While the tribunal’s order is a significant relief for the airline, its flight path is still beset with legal hurdles. The first hurdle appeared within hours of the order, with aircraft lessor SMBC Aviation Capital moving the National Company Law Appellate Tribunal (NCLAT) against the ruling. The matter is listed for hearing on Thursday.
