NCLAT upholds order allowing Go First's voluntary insolvency proceedings
Delhi, May 22 (PTI) The National Company Law Appellate Tribunal (NCLAT) on Monday upheld insolvency resolution proceedings against crisis-hit airline Go First, derailing aircraft lessors' efforts to take back their planes from the struggling Wadia group firm.
A two-member NCLAT bench directed aircraft lessors and the Interim Resolution Professional (IRP) of the Wadia group firm to approach the National Company Law Tribunal (NCLT) regarding the claim of possession and other respective claims relating to the aircraft whose leases were terminated by the lessors after the company filed for insolvency process.
"The order dated May 10, 2023, admitting Section 10 Application is upheld," said the NCLAT bench headed by Chairperson Justice Ashok Bhushan.
