SMBC Aviation Capital challenges NCLT order protecting Go First from recovery by lessors

One of the aircraft lessors of Go First Airlines, SMBC Aviation Capital, moved the National Company Law Tribunal (NCLT) on Thursday challenging its order, which admitted the budget airlines’ insolvency process and protects it from creditors and lessors. The NCLT will have the hearing today.

On Wednesday, the NCLT admitted Go First’s plea for voluntary insolvency and admitted for the initiation of Corporate Insolvency Resolution Process (CIRP) proceedings. NCLT has granted Go First protection under moratorium from recovery by lessors and lenders.

NCLT, in its order, said, “we admit the plea of Go Airlines for insolvency proceedings. It said that we appoint Abhilash Lal as IRP (insolvency resolution professional).”