India has been placed on global aviation leasing watchdog’s watchlist, assigning it “negative” outlook following the National Company Law Tribunal’s (NCLT) order restricting bankrupt airline Go First’s lessors from repossessing planes while it is undergoing insolvency process.
A senior DGCA official told The Hindu on Friday, “the deregistration requests from lessors can’t be processed on account of the moratorium order granted by the NCLT on May 10.”
The Aviation Working Group, which oversees implementation of the Cape Town Convention and its Aircraft Protocol - a treaty designed to facilitate financing and leasing of aviation equipment, said its outlook is based on the “DGCA’s failure to process deregistration application for aircraft whose leases were terminated prior to the intimation of the moratorium.”
