Go First: Aircraft lessor moves Delhi HC to take back its leased plane

While Go First is undergoing bankruptcy settlement proceedings, an aircraft lessor has taken to the Delhi High Court seeking directions to the authorities to release the charter aircraft of the crisis-hit airline.

Besides, two aircraft lessors moved the National Corporate Law Appeals Tribunal (NCLAT) to oppose the airline’s insolvency proceedings.

Accipiter Invesments Aircraft 2 Ltd has filed a petition in the Delhi High Court against the Union Government and others, according to a lawyer. It has asked the Supreme Court to direct the Directorate General of Civil Aviation to de-register its aircraft currently chartered with Go First.

Besides, Accipiter Invesments Aircraft has transferred NCLAT. Other aircraft lessor Eos Aviation 12 (Ireland) Ltd has also petitioned NCLAT against Go First.

Both petitions go before the Court of Appeals on Wednesday.

With the cessation of financial liabilities and the transfer of Go First assets following the insolvency settlement proceeding, lessors are unable to de-register and return the leased aircraft to the carrier.

A total of six entities moved NCLAT in the Go First case and earlier on Tuesday the Ireland-based Engine Leasing Finance petition was heard by the Court of Appeal.

The appeals court said it would issue the order on May 22, along with the other three petitions.

“Orders dated 22.05.2023. Short written briefs may be submitted within two days by both parties,” it said.

Three aircraft lessors – SMBC Aviation Capital Ltd, GY Aviation and SFV Aircraft Holdings – have moved NCLAT against Go First’s insolvency settlement proceedings.

These three lessors have leased about 21 aircraft to Go First.

On May 10, the National Corporations Law Tribunal (NCLT) allowed the petition for voluntary insolvency resolution by Go First.

So far this month, several lessors have approached aviation regulator DGCA to deregister and take back the 45 Go First aircraft.

Go First has ceased flying as of 3 May.

(Only the title and image for this report may have been reworked by the Business Standard team; the rest of the content is generated automatically from a shared feed.)