National Company Law Appellate Tribunal (NCLAT) on Monday upheld crisis-hit Go First airlines insolvency ordered by National Company Law Tribunal (NCLT) and directed for certain modifications to tribunal’s order. NCLAT refused to allow lessors to take back possession of aircraft and asked them to move NCLT for any remedy in Go First insolvency proceedings matter.
The lessors were opposing the NCLT judgement, which had gone in favour of Go First, and given a go-head for Interim Resolution Professional (IRP) and interim moratorium.
On May 10, the NCLT admitted Go First’s plea for voluntary insolvency and admitted for the initiation of Corporate Insolvency Resolution Process (CIRP) proceedings. NCLT has granted Go First protection under…
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