News
Lessors to use revised insolvency code in battle to take back aircraft from grounded Go First
October 9th 2023
Lessors with aircraft leased to India’s Go First have launched a fresh court challenge to execute possession of their airliners after the country's Insolvency and Bankruptcy Code was updated. Read More » Local media reports the lessors have sought court orders to deregister their aircraft. The update, announced last week, provides exemptions from the Insolvency and Bankruptcy Code for aircraft, engines and related parts, among other changes. It should benefit attempts by lessors to force Go First to surrender aircraft, engines and component stock owned by several lessors. The LCC is based in Mumbai and majority owned by Wadia Group. It was grounded in May this year after it filed for insolvency with India's National Company Law Tribunal, citing issues with Pratt & Whitney engines powering its A320 family fleet. At press time, it was in the market for buyers or investors.
