Go First Lessor Jackson Square Aviation's Application Dismissed By NCLAT

The National Company Law Appellate Tribunal has dismissed another application filed by a Go First lessor, Jackson Square Aviation LLC, after giving permission to inspect its planes leased to the airline. 

Previously, Engine Lease Finance BV had approached the NCLAT after being aggrieved by an NCLT order, that restrained the Go First lessors from inspecting their aircrafts and engines leased to the airline. The tribunal had observed that the leased aircrafts are required to keep Go First functioning and ruled that only the resolution professional had the right to protect and maintain the aircraft and engines. 

On Thursday, the NCLAT remained firm on the observation it made while dismissing the appeal of Engine Lease Finance BV, that if the Go First proceedings remained pending in the appellate tribunal, the NCLT would not be able to hear the matters. 

The lessors are arguing before the NCLT that they must be excluded from the moratorium, since they had already terminated their leases with Go First, prior to the airline's entry into insolvency proceedings. 

The NCLT issued an order in response to the lessors' July 26 requests, urging it to prevent the airline from utilising their aircraft, until their appeal is resolved. However, the tribunal declined to issue any such directive.

On May 22, NCLAT confirmed the National Company Law Tribunal's decision to approve Go First's insolvency application and on May 10, the main bench of NCLT in Delhi allowed Go First's voluntary request to initiate the process of insolvency resolution.