SMBC Aviation Capital moves NCLAT challenging NCLT order allowing insolvency Go First
May 10, 2023, 15:57 IST
Aircraft lessor SMBC Aviation Capital Ltd on Wednesday moved the appellate tribunal NCLAT against the order passed by the NCLT earlier in the day allowing Go First's voluntary plea to initiate insolvency proceedings. SMBC Aviation Capital, formerly RBS Aviation Capital, is one of the world's largest aircraft leasing companies.
Earlier in the day, the Delhi-based principal bench of the National Company Law Tribunal (NCLT) admitted Go First's voluntary plea to initiate the insolvency resolution process against the airline.
The tribunal appointed an interim resolution professional (IRP) while suspending the board and putting a moratorium on the debt-ridden company's financial obligations.
During the hearing at NCLT last week, several aircraft lessors had opposed Go First's voluntary insolvency plea.
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Earlier in the day, the Delhi-based principal bench of the National Company Law Tribunal (NCLT) admitted Go First's voluntary plea to initiate the insolvency resolution process against the airline.
The tribunal appointed an interim resolution professional (IRP) while suspending the board and putting a moratorium on the debt-ridden company's financial obligations.
During the hearing at NCLT last week, several aircraft lessors had opposed Go First's voluntary insolvency plea.
SEE ALSO:
AI to digitalisation and green energy: Supertrends defining investment for today and the future
MG Motor India plans to dilute majority stakes to local partners