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The Insolvency Tribunal NCLT on Thursday approved the decision of lenders of Go First to appoint Shailendra Ajmera as the Resolution Professional of the company.
The tribunal also directed him to file a reply within a week over the lessors’ plea seeking their aircraft and engine back in their possession from crisis hit air carrier.
Earlier, the National Company Law Tribunal (NCLT) had appointed Abhilash Lal as the Interim Resolution Professional on May 10, 2023, while admitting the plea of Go First to initiate voluntary insolvency resolution proceedings after suspending the board of the company.
The NCLT direction came over a plea moved by the Central Bank of India, which was also approved by other members of the Committee of Creditors of Go First.
“We approve the appointment of Shailendra Ajmera as RP of the Corporate Debtor,” said a two-member NCLT bench.
It also directed the RP to file a reply within a week over the lessors seeking possession of their aircraft and engines back from the Wadia group firm, which is currently going through the Corporate Insolvency Resolution Process (CIRP).
The NCLT has directed to list the matter in July for the next hearing.
During the last hearing on June 5, the NCLT had asked IRP to file its reply over the lessors’ plea within a week. However, this could not be done following the change of RP, the tribunal was informed.
So far, lessors, including – BOC Aviation (Ireland), Jackson Square Aviation Ireland, Engine Lease Finance BV, Bluesky 19 Leasing Co and Bluesky 31 Leasing Co – have approached the insolvency tribunal to claim back their assets.
Senior advocate Harish Salve, representing the existing IRP Abhilash Lal told the NCLT that there is no objection to the CoC order replacing Abhilash Lal as the IRP.
While senior lawyer Arun Kathpalia, appearing for Jackson Square Aviation Ireland, told the NCLT Court that he also does not have any objection to the process of appointment of RP, as it is CoC’s prerogative to do so.
However, he raised his concerns over the status of the aircraft, which are currently in the possession of Go First and alleged that Wadia group firm was not doing any maintenance work.
“These flights are constantly fighting with the terrible weather conditions… These are exposed to terrible weather, dust, rain and etc and a lot of maintenance has to be made. A direction be made on this aspect to them, said Kathpalia.
On this, the NCLT bench said: “RP will take all steps to protect the assets.
Jackson Square Aviation has lent eight aircraft to Go First and is opposing the moratorium as it has already terminated the contract on May 3 before the initiation of CIRP against Go First.
While BOC Aviation (Ireland) requested NCLT to allow to have an inspection of its flights.
“I wanted to know the condition of my engine and thereby wanted to inspect it, as it is being parked in a secluded place,” lawyer Chetan Sharma, argued for BOC Aviation and sought appropriate directions.
The lessors have approached NCLT after the appellate tribunal NCLAT had last month directed them to approach the insolvency tribunal over issues regarding the moratorium on their planes.
This was challenged by the lessors before the National Company Law Appellate Tribunal (NCLAT), which had on May 22 upheld the NCLT order and directed the aircraft lessors and IRP of the Wadia group firm to approach the NCLT over a moratorium over the planes, whose lease was terminated before the insolvency.
Disposing of their pleas through a 40-page-long common order, the NCLAT said lessors are at “liberty to file” appropriate application before the NCLT under Section 65 of the Insolvency & Bankruptcy Code (IBC) with “appropriate pleadings and material” regarding their claims.
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