An Indian tribunal granted bankruptcy protection to Go Airlines, a move that will help the country's fourth-largest carrier attempt to revive itself but complicate foreign lessors' efforts to repossess their planes
The National Company Law Tribunal in New Delhi ordered a moratorium on Go First's assets and leases. It also appointed Abhilash Lal of Alvarez & Marsal as the interim resolution professional who will takeover management of the airline with immediate effect.
The move could, however, complicate repossession efforts by lessors, which have in recent days filed requests with India's aviation regulator for the return of about 40 Go First planes after rental payments were missed. Go First's lessors include major global names such as Jackson Square Aviation, SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing.
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