Insolvency tribunal NCLT on Wednesday rejected Go First lessors’ petitions to take back the planes leased to the grounded airline, and said the aircraft are available for resumption of operations since aviation regulator DGCA has not deregistered them. A two-member bench of the National Company Law Tribunal (NCLT) held that physical possession of the aircraft/engines would be “indisputably” with Go First and lessors cannot claim possession during the Corporate Insolvency Resolution Process (CIRP) of the carrier. According to the tribunal, aircraft and its engines are the sole essence of Go First’s business and if taken away, it would result in its “corporate death” leaving no scope for its resolution.
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