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Govt may expedite Bill that assures lessors on repossession of aircraft

NCLT had on May 10 barred lessors from repossessing their planes from insolvent Go First

Deepak Patel New Delhi

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3 min read Last Updated : May 15 2023 | 9:29 AM IST

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The central government may expedite legislating the Bill that implements the Cape Town Convention (CTC) and Protocol, making it easier for lessors to repossess their planes from an insolvent airline, sources said on Monday.

After Go First stopped operating flights from May 3, its lessors had put in applications with the Directorate General of Civil Aviation (DGCA) to repossess more than 40 of the airline's 54 planes. However, on May 10, the National Company Law Tribunal (NCLT) put a moratorium on all Go First's assets, barring the lessors from taking their planes back.

At least three lessors – SMBC Aviation Capital, SFV Aircraft Holdings and GY Aviation Lease – have filed an appeal before the National Company Law Appellate Tribunal (NCLAT) against the May 10 order.