News > Go First crisis: Voluntary insolvency a fraudulent exercise says, SMBC Aviation to NCLT
Go First crisis: Voluntary insolvency a fraudulent exercise says, SMBC Aviation to NCLT
12/05/2023 10:36 AM | Click to read full article
Initiation of insolvency by Go First was a "fraudulent exercise", alleged one of the aircraft lessors of the Wadia group firm, SMBC Aviation Capital Ltd before the National Company Law Appellate Tribunal (NCLAT). SMBC through its counsel Arun Kathpalia submitted that it has already terminated its lease with Go First before the moratorium and it now wants to repossess those aircraft through insolvency. "Go First has no rights over the planes, which it does not own," he said.