The National Company Law Tribunal on Wednesday rejected pleas from six aircraft lessors that included demands for barring Go First from using their aircraft as well as allowing leasing companies to appoint an inspector to examine their aircraft, engines and other parts.
The insolvency court, which had admitted GoFirst’s plea seeking insolvency resolution on May 10, maintained that an order refraining the resolution professional from using the aircraft would amount to “corporate death of the Corporate Debtor, leaving no scope for resolution of the Corporate Debtor” as the sole essence of its business would be taken away.
It added that the DGCA had not deregistered the aircraft, which were therefore available for use by GoFirst. The court also said that its May 10 order, which said that it was the duty of the interim resolution professional to ensure the airline was a going concern, requires that the aircraft have to be flown.
