NCLAT upholds NCLT order admitting plea by Go First Airlines for initiation of insolvency proceedings

The lessors had leased out 21 aircrafts to Go First airlines.

The lessors informed NCLAT that they had approached aviation regulator DGCA for deregistration and repossession of Go First’s aircrafts.

The lessors also argued that aircraft lease terminated before the moratorium was granted and hence moratorium couldn’t impose a freeze on third-party assets.

The NCLAT, however, asked the appellants to approach the adjudicating authority for any further relief.

Source: Barandbench