On May 10, 2023, the National Company Law Tribunal, New Delhi
(NCLT) admitted the application of Go Airlines
(India) Limited (Company), the third largest
airline company in India by passenger market share, in
20221, under Section 10 of the Insolvency and Bankruptcy
Code, 2016 (IBC) and declared a moratorium for the
Company.
NCLT appointed Mr. Abhilash Lal, the Company's own
nomination, as the Interim Resolution Professional
(IRP) and directed him to take charge of the
Corporate Insolvency Resolution Process (CIRP)
with immediate effect. Subsequently, on the challenge of the
NCLT's order by aircraft lessors, such as SMBC Aviation
Capital, GY Aviation Lease and SFV Aircraft Holdings, the Principal
Bench of the National Company Law Appellate Tribunal
(NCLAT) on May 22, 2023 upheld the NCLT's
decision to initiate the CIRP and allowed the aircraft lessors to
file appropriate applications in the NCLT under Section 65 of the
IBC for a declaration with regard to
