Initiation of insolvency by Go First was a “fraudulent exercise”, alleged one of the aircraft lessors of the Wadia group firm SMBC Aviation Capital Ltd before the National Company Law Appellate Tribunal (NCLAT).
SMBC Aviation Capital through its counsel Arun Kathpalia submitted that it has already terminated its lease with Go First before the moratorium and it now wants to repossess those aircraft through insolvency.
“Go First has no rights over the planes, which it does not own,” he said.
Moreover, he also questioned the proceedings at the National Company Law Tribunal (NCLT), which completed its hearing over Go First’s plea to voluntarily initiate insolvency proceedings against itself in one day only.
