NCLAT upholds NCLT order admitting Go First’s plea for voluntary insolvency

The National Corporate Law Appeals Tribunal (NCLAT) on Monday upheld an NCLT order allowing voluntary insolvency settlement proceedings for a crisis-affected Go First company.

The two-member NCLAT platform asked several of Go First’s lessors to contest the insolvency, to approach the National Company Law Tribunal (NCLT) for any compensation.

“The order dated May 10, 2023 allowing for bankruptcy is upheld,” said NCLAT Board chaired by Judge Ashok Bhushan.

The directive came on a set of four petitions filed by aircraft lessors opposing Go First’s insolvency proceedings. The lessors are SMBC Aviation Capital Ltd, GY Aviation, SFV Aircraft Holdings and Engine Leasing Finance BV (ELFC).

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First published: May 22, 2023 | 2:54 PM ist