Engine Leasing Finance Moves To NCLAT Against Go First's Insolvency

Listen to This Article

After three aircraft lessors, Engine Leasing Finance BV has moved the National Company Law Appellate Tribunal (NCLAT), opposing the insolvency resolution proceedings initiated against Go First.

Ireland-based Engine Leasing Finance is a leading engine financing and leasing company. It is a group entity of Japan-based Mitsubishi HC Capital Inc.

A two-member NCLAT bench on Tuesday heard the plea of Engine Leasing Finance and reserved its order.

The appellate tribunal said it will pass the order on May 22 along with the other three petitions.

"Orders on 22.05.2023. Short written notes may be filed within two days by both the parties," it said.

Three aircraft lessors -- SMBC Aviation Capital Ltd, GY Aviation and SFV Aircraft Holdings -- have moved the NCLAT against Go First's insolvency resolution proceedings.

These lessors have leased out around 21 aircraft to Go First.

On May 10, the National Company Law Tribunal (NCLT) allowed the voluntary insolvency resolution plea by Go First.

So far this month, several lessors have approached aviation regulator DGCA for deregistration and repossession of Go First's 45 planes.

Go First stopped flying from May 3.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

RECENT NEWS

HSBC Swings The Axe At UK Wealth In An AI Push

HSBC is preparing deep job cuts across its UK wealth management arm. It plans to cut about half of its management and sp... Read more

Kraken's Owner Buys A Bank: The Lines Are Blurring

Payward, the parent company of the crypto exchange Kraken, has agreed to buy a European bank. It would be the first digi... Read more

Revoluts Australian Banking Licence Game Changer

Revolut has spent much of its life insisting that it is more than a bank. In Australia, it has now decided that becoming... Read more

The AI Bank Is Coming, But Who Controls The Risk?

Artificial intelligence is no longer something banks discuss as a distant possibility. It is already working behind the ... Read more

ClearBank UK Profit Leads To European Growth

ClearBank has spent much of the past decade building the technology and regulatory infrastructure needed to challenge so... Read more

Bank Of London Continues To Rebuild

ClearBank’s progress shows that modern clearing and banking infrastructure can become a sizeable and profitable busine... Read more