Senior counsel Harish Salve, appearing for the IRP, said taking possession of the aircraft would not only undermine the insolvency process but would completely halt the airline’s operations, thus leading to significant losses.
If DGCA allowed deregistration requests of the lessors, they would fly off with their planes and the airline will be dead, and over 7,000 employees would be rendered jobless, the IRP said, adding the deregistration of aircraft by the civil aviation body will scuttle the ongoing resolution process.
The HC is hearing petitions by aircraft lessors including Pembroke Aircraft Leasing 11 Ltd, SMBC Aviation Capital, Accipiter Investments Aircraft 2 Ltd and EOS Aviation 12 (Ireland) seeking to de-register their aircraft currently on lease with Go First.
The DGCA had last week told the HC that it had not rejected but kept in “abeyance” its decision on Pembroke’s application for deregistering its aircraft, currently on lease with Go First.
On May 22, the NCLAT upheld the order admitting Go First’s voluntary insolvency petition.
The HC will resume hearing on Wednesday.
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