Will 45 aircraft go out of Go First’s hands? NCLAT will give important decision on May 22

Will the closed aviation company GoFirst be able to fly again? The decision on this can come on May 22. The National Company Law Appellate Tribunal (NCLAT) will pass its order on May 22 on applications filed by three companies that have leased aircraft to GoFirst airline. GoFirst had filed an application for voluntary insolvency resolution in the NCLT citing financial crisis, which has been approved.

The airline’s lessors had appealed to the Appellate Tribunal against the initiation of the insolvency resolution process. A bench headed by NCLAT President Justice Ashok Bhushan reserved its order after hearing the petitions of these three companies on Monday. Along with this, the bench said that if the concerned parties want to keep any additional documents, they can present them in 48 hours.

The petitions were filed by aircraft lessors SMBC Aviation Capital Limited, GY Aviation and SFV Aircraft Holdings. In total, they have given 21 aircraft to GoFirst. Go First’s flight operations have been closed since May 3.

Since applying to start the insolvency resolution process, several aircraft providers have demanded the Directorate General of Civil Aviation (DGCA) to delist 45 of their aircraft. The NCLT last week accepted the airline’s application and allowed it to start the insolvency resolution process. Along with this, it has also appointed an interim resolution professional.