NCLT directs grounded carrier Go First to release 4 aircraft engines of ELF
The National Company Law Tribunal (NCLT) on Thursday directed grounded carrier Go First to release four aircraft engines of Engine Lease Finance (ELF) BV.
The counsel appearing for the resolution professional (RP) submitted that he has already started the process of returning one engine to the lessor. The RP submitted that he has no objection over the process of releasing the four aircraft.
Headquartered in Shannon, Ireland, ELF is the world's leading independent engine financing and leasing company.
The NCLT has put the matter for further hearing on August 9, when other engine lessors may argue their case for return.
Earlier in June, NCLT had granted an extension of 60 days to the grounded air carrier Go First, for completing the Insolvency process of grounded air carrier Go First for 60 days.
This is the fourth extension for Go First to complete the Corporate Insolvency Resolution Process (CIRP), which is struggling to find a buyer.
The Delhi-based NCLT bench said this is the f