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

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.)