The National Company Law Tribunal (NCLT) has recently issued a notice in response to a plea filed by Jackson Aviation, one of the lessors of Go First. Jackson Aviation sought information regarding the status of aircraft whose leases were terminated before the imposition of the moratorium. Acknowledging the urgency of the matter, the tribunal has instructed the insolvency resolution professional (IRP) to submit a response within a week. The next hearing for this case is scheduled for June 15.
It is worth noting that several lessors, including Jackson Square Aviation, expressed concerns after the NCLT granted Go First bankruptcy protection, which allowed the airline to revive itself while preventing lessors from reclaiming their planes. In defense of this decision, the IRP argued in the NCLT last month that returning aircraft to the lessors would effectively cripple Go First, which currently employs approximately 7,000 individuals.
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Previously, Go First had announced the cancellation of its operations until June 4. However, the IRP recently submitted a revival plan to the Directorate General of Civil Aviation (DGCA), proposing a six-month roadmap for the airline’s recovery. As part of the plan, Go First is prepared to resume operations promptly with 26 operational aircraft and a roster of 400 pilots. Once the aviation regulator approves the revival plan, the airline intends to initiate charter flights between Delhi-Srinagar and Delhi-Leh immediately. In the coming days, scheduled services are expected to resume, primarily focusing on routes such as Pune, Bagdogra, and Goa. Financial Express reports indicate that the airline aims to deploy eight to ten aircraft for these scheduled services.
The proceedings regarding Go First’s insolvency continue to unfold, with stakeholders closely monitoring the outcome. The NCLT’s notice to the IRP signifies a step forward in addressing the concerns raised by lessors and sheds light on the path towards Go First’s potential revival.
