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regular-article-logo Saturday, 05 October 2024

NCLT greenlights appointment of Shailendra Ajmera to oversee Go First affairs

The tribunal directed Ajmera to file a reply within a week over the lessors’ plea seeking their aircraft and engine back in their possession from the airline

Our Special Correspondent Mumbai Published 17.06.23, 04:42 AM
Representational image

Representational image File picture

The National Company Law Tribunal (NCLT) on Friday approved the Go First lenders’ decision to appoint Shailendra Ajmera as the resolution professional (RP) of the airline.

More than a week ago, the lenders had selected EY-backed Ajmera as the RP of the carrier. He replaced the interim resolution professional — Abhilash Lal — who was recommended by the former management of Go First. Lal was associated with Alvarez & Marsal.

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At the hearing on Friday, the tribunal directed Ajmera to file a reply within a week over the lessors’ plea seeking their aircraft and engine back in their possession from the airline.

“We approve the appointment of Shailendra Ajmera as RP of the Corporate Debtor,” said a two-member NCLT bench. Its assent came over a plea moved by the Central Bank of India, which was also approved by the other members of the Committee of Creditors (CoC) of Go First.

The tribunal has directed to list the matter in July.

At the previous hearing, the NCLT had asked IRP to file its reply over the lessors’ plea within a week. However, the tribunal was informed that this could not be done because of the change in RP.

Earlier, lessors, that included BOC Aviation (Ireland), Jackson Square Aviation Ireland, Engine Lease Finance BV, Bluesky 19 Leasing Co and Bluesky 31 Leasing Co had approached the tribunal to claim back their assets.

Senior advocate Harish Salve, representing current IRP Lal told the bench that there is no objection to the CoC order replacing Lal as the IRP.

While senior lawyer Arun Kathpalia, appearing for Jackson Square Aviation Ireland, told the NCLT Court that he also does not have any objection to the process of appointment of RP, as it is the CoC’s prerogative.

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