Take Early Decision On Insolvency: Go First To NCLT

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Take Early Decision On Insolvency: Go First To NCLT

| Updated: May 8, 2023 15:07

Go First, a crisis-hit airline, has requested on Monday that the National Company Law Tribunal (NCLT) take an early decision on its request for a voluntary insolvency resolution, noting that lessors have begun deregistering the carrier’s aircraft.

Following a hearing on May 4, the tribunal reserved its order regarding the petition filed by the budget carrier. Before the tribunal’s principal bench, presided over by President Ramalingam Sudhakar, senior advocates P Nagesh and Pranjal Kishore brought up the matter in the morning.

Lessors have begun deregistering the airline’s aircraft, so the lawyers asked the tribunal to rule quickly on its plea.

Go First’s request will be looked into, the bench determined. Following the Wadia group firm’s filing of its voluntary insolvency resolution plea, lessors have sought the deregistration of more than 20 planes and have contacted the Directorate General of Civil Aviation (DGCA).

Go First, which has been operating flights for more than 17 years, has halted ticket sales until May 15. Up to 28 planes, or more than half of the airline’s fleet, are grounded as a result of Pratt & Whitney’s (P&W) failure to supply engines.

The airline has requested voluntary insolvency resolution procedures as well as an interim moratorium on its financial obligations due to liabilities totalling Rs 11,463 crore and a financial crisis.

Go First’s plea for an interim moratorium has been turned down by the lessors of the carrier, who claim it would have “harmful and serious consequences” if granted.

The carrier owes creditors a total of Rs 11,463 crore, including Rs 3,856 crore in default to operational creditors. The dues towards aircraft lessors are Rs 2,600 crore. Additionally, Go First is dealing with two petitions that seek to file for insolvency.

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