Suspense Crime Sach Ka Dam
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Monday brought good news for budget airlines GoFirst. The aircraft leasing companies asked the National Company Law Appellate Tribunal (NCLAT) to go ahead with the insolvency proceedings, but the NCLAT upheld the relief granted to GoFirst by the NCLT in the matter.
The company was given time to revive itself
GoFirst declared itself bankrupt and approached the National Company Law Tribunal (NCLT). The company requested NCLT for relief from initiation of insolvency proceedings against it, which was accepted and the company was given some time to revive itself.
However, the aircraft leasing companies that go to GoFirst don’t stop there. Challenging this stay order of NCLT, he appealed to NCLAT to initiate bankruptcy proceedings against GoFirst. The company wants to take back its planes from the company, but the NCLAT has upheld the decision of the NCLT.
