Justice Prathiba M Singh of Delhi High Court Thursday recused from hearing a batch of petitions filed by aircraft lessors who had leased out their planes to Go First airlines which is currently under insolvency.."Subject to orders of Hon'ble the Chief Justice, list the matters before another bench tomorrow," Justice Singh ordered. .The petitioners include Pembroke Aircraft Leasing 11, SMBC Aviation Capital, Accipiter Investments Aircraft 2 and Eos Aviation 12 (Ireland) who have sought deregistration of their aircrafts which are with Go First. .Go First had moved the National Company Law Tribunal (NCLT) earlier this month to initiate the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC).It reasoned that due to faulty engines supplied by American company Pratt & Whitney (P&W), the grounding of its aircrafts increased from 31% in 2020 to more than 50% in April 2023.They claimed that this cost the company a loss of over ₹10,800 crore.The NCLT Delhi on May 10 admitted the plea and declared full moratorium for the company.It also directed the company's suspended board of directors to co-operate with the IRP to ensure there are no layoffs.The NCLT's decision was upheld by the National Company Law Appellate Tribunal (NCLAT) in an order pronounced on May 22.
Justice Prathiba M Singh of Delhi High Court Thursday recused from hearing a batch of petitions filed by aircraft lessors who had leased out their planes to Go First airlines which is currently under insolvency.."Subject to orders of Hon'ble the Chief Justice, list the matters before another bench tomorrow," Justice Singh ordered. .The petitioners include Pembroke Aircraft Leasing 11, SMBC Aviation Capital, Accipiter Investments Aircraft 2 and Eos Aviation 12 (Ireland) who have sought deregistration of their aircrafts which are with Go First. .Go First had moved the National Company Law Tribunal (NCLT) earlier this month to initiate the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC).It reasoned that due to faulty engines supplied by American company Pratt & Whitney (P&W), the grounding of its aircrafts increased from 31% in 2020 to more than 50% in April 2023.They claimed that this cost the company a loss of over ₹10,800 crore.The NCLT Delhi on May 10 admitted the plea and declared full moratorium for the company.It also directed the company's suspended board of directors to co-operate with the IRP to ensure there are no layoffs.The NCLT's decision was upheld by the National Company Law Appellate Tribunal (NCLAT) in an order pronounced on May 22.