The suspended board of Go First on Tuesday filed caveats before the Supreme Court against four aircraft lessors of the crisis-hit airline.
Four caveats have been filed by Varun Berry, the chairman of the suspended board of Go First through his counsel advocate Pranjal Kishore, as per the information available on the website of the Supreme Court of India.
The lessors are — SMBC Aviation Capital Ltd, GY Aviation, SFV Aircraft Holdings and Engine Leasing Finance BV (ELFC) — owning around 22 aeroplanes.
The caveat has been filed against the order passed by the National Company Law Appellate Tribunal on Monday, which upheld the order passed by the Delhi bench of the NCLT on May 10.
The Principal Bench of the National Company Law Tribunal (NCLT) admitted the plea of Go First to initiate voluntary insolvency resolution proceedings. It appointed an interim resolution professional (IRP) to suspend the company’s board.
A caveat application is filed by a litigant to ensure that no order is passed against them without being heard.
Berry is also executive vice-chairman and managing director of Wadia group FMCG arm Britannia Industries.
SpiceJet shares
Shares of SpiceJet tumbled nearly 14 per cent on Tuesday, falling to its 52-week low level in intra-day trade as investors continued to desert the counter.
The stock tanked 13.93 per cent to close at Rs 24.16 apiece on the BSE. During the day, it plummeted 19.30 per cent to its 52-week low of Rs 22.65.
In volume terms, 159.09 lakh shares of the company were traded on the BSE.
Since May 16, the stockhas declined by nearly 20 per cent.
The airline, which completed 18 years of operations on Tuesday, is facing financial headwinds and has undertaken a “restructuring exercise” to further reduce the liabilities.