Go First asks NCLT for urgent hearing  

NEW DELHI:  Go First on Monday asked the National Company Law Tribunal (NCLT), Delhi,  to urgently pass an order on its insolvency plea as more aircraft lessors are seeking to take back their leased planes. Various lessors are now seeking the deregistration of another 13 planes, taking the total tally to 36.  

Senior advocate P Nagesh, appearing for Go First, said aircraft lessors had moved an application to repossess aircraft during legal proceedings and are not allowing them to carry out routine maintenance of aircraft. “We urge the court to pass an order,” said Nagesh before the two-member bench headed by tribunal President Ramalingam Sudhakar.

The bench agreed to look into Go First’s request but didn’t give the next date of the hearing. Another bench which heard the petition of an operational creditor SS Associates Services seeking insolvency proceedings against the carrier said the matter needs to be listed before the bench headed by the president. Go First (formerly known as Go Air) announced last week that they are filing for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT), Delhi. The company is also seeking direction to appoint an insolvency resolution process (IRP) and an interim moratorium on its pending dues.

Go First said a severe financial crunch due to the non-supply of engines by Pratt & Whitney (P&W) forced the airline to take this extreme step. The airline on Friday said its flight operations will remain suspended till May 12 and had suspended bookings till May 15. Following the disruption caused to passengers, DGCA on Monday ordered Go First to stop selling air tickets with immediate effect until further instructions.

“In view of the sudden cancellation of flights and initiation of corporate insolvency resolution process under IBC by Go Airlines (India) Limited (Go First), DGCA has issued a show cause notice to Go First under the relevant provisions of the Aircraft Rules, 1937, for their failure to continue the operation of the service in a safe, efficient and reliable manner,” the regulator said.