Two more aircraft lessors move NCLAT against Go First’s insolvency

NEW DELHI: Two more aircraft lessors - GY Aviation and SFV Aircraft Holding - on Thursday moved appellate tribunal NCLAT against the order passed by the NCLT allowing Go First’s voluntary plea to initiate insolvency proceedings.

SMBC Aviation Capital, which is one of the world’s largest aircraft leasing companies, already moved NCLAT on Wednesday, hours after the Delhi-based Principal bench of the National Company Law Tribunal (NCLT) admitted Go First’s plea to initiate the insolvency resolution process against the airline. Ireland-based GY Aviation is the largest lessor of Go First with 9 aircraft, while SFV Aircraft Holdings has leased out one aircraft to the Wadia group-owned company.

SMBC Aviation Capital has 5 aircraft on lease with Go First.

Now the total number of lessors before the National Company Law Appellate Tribunal (NCLAT) against Go First’s insolvency has become three.

The NCLAT on Thursday heard the petition of SMBC Aviation Capital.

The matter was partly heard and a two-member bench would continue its hearing over SMBC Aviation Capital’s petition on Friday. NCLT has appointed an interim resolution professional (IRP) while suspending the board and putting a moratorium on the debt-ridden company’s financial obligations.

During the hearing at NCLT last week, several aircraft lessors had opposed Go First’s voluntary insolvency plea.