The National Company Law Tribunal instructed Go First to release four aircraft engines to Engine Lease Finance (ELF) BV. The resolution professional representing the grounded carrier informed the tribunal that the process of returning one engine to the lessor has already commenced. The RP stated there were no objections to releasing the remaining four engines.
Headquartered in Shannon, Ireland, ELF is globally recognised as a leading independent engine financing and leasing company. The NCLT scheduled the next hearing for Aug. 9, during which other engine lessors will present their arguments for the return of their engines.
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Earlier in June, NCLT had granted an extension of 60 days to the grounded air carrier Go First, for completing the Insolvency process of grounded air carrier Go First for 60 days.
This is the fourth extension for Go First to complete the Corporate Insolvency Resolution Process (CIRP), which is struggling to find a buyer. The Delhi-based NCLT bench said this is the final extension.
The Insolvency & Bankruptcy Code (IBC) mandates completion of CIRP within 330 days, which includes the time taken during litigations. As per Section 12(1) of the Code, CIRP should be completed within 180 days.
However, the maximum time within which CIRP must be mandatorily completed, including any extension or litigation period, is 330 days, failing which a corporate debtor is sent for liquidation.
On May 10, 2023, the NCLT admitted the plea of Go First -- which stopped operating flights on May 3 -- to initiate voluntary insolvency resolution proceedings.
(With inputs from PTI)
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