Chennai: The National Company Law Appellate Tribunal (NCLAT) on Monday upheld the NCLT’s order granting moratorium to the Wadia group’s Go Airlines (India) Ltd.
The NCLAT decided on the petitions filed by some lessors who had leased aircraft to Go Airlines. They had challenged the moratorium granted to Go Airlines by the NCLT.
The lessors’ contention was that the lease agreement with Go Airlines had ended before the NCLT admitted Go Airlines insolvency petition and hence, the airlines has no right over the leased planes.
However, the aircraft lessors can file an appeal against the moratorium before the NCLT.
–IANS
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