Indian government backed tribunal orders Go First liquidation: reports
The government-established National Company Law Tribunal (NCLT) in India has ordered the liquidation of the formerly operating low-cost carrier Go First.
According to CNBC-TV18, the NCLT judiciary member Mahendra Khandelwal and Technical Member Sanjeev Ranjan, approved a liquidation application on January 20, 2024, presented by Go First’s Committee of Creditors (CoC).
In September 2024, the airline’s CoC voted in favor of liquidation after Go First ceased operations in May 2023, and no viable way forward to revive the carrier was found.
Reports said that Go First, which is owned by the Wadia Group and was previously known as Go Air, had built up debts of R6,521 crore ($798m), with the Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank among its creditors.
Indian courts initially imposed a moratorium stopping lessors from taking back their aircraft until all rescue bids had been evaluated, but this was overturned in April 2024, allowing firms to recover their planes.
CNBC-TV18 reported that by December 2024, lessors had taken back 28 aircraft, and more than half the fleet had been deregistered and transferred out of India.
According to ch-aviation, during its tenure Go First operated a fleet of 30 Airbus A320 and 56 A320neos. The carrier also had an order for a further 72 A320neos to join its fleet.
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The post Indian government backed tribunal orders Go First liquidation: reports appeared first on AeroTime.
The government-established National Company Law Tribunal (NCLT) in India has ordered the liquidation of the formerly operating low-cost…
The post Indian government backed tribunal orders Go First liquidation: reports appeared first on AeroTime.
