Go Air

The tribunal has now sought a response from the suspended management of the airline regarding the liquidation plea filed by the RP. The case will come up again on October 4

Go First got a final 60-day extension from the National Company Law Tribunal (NCLT) on June 12 to complete its corporate insolvency resolution process (CIRP)

The National Company Law Tribunal (NCLT) has granted an extension of 60 days to the grounded air carrier Go First for completing the insolvency process. This is the fourth extension for Go First to complete the Corporate Insolvency Resolution Process (CIRP), which is struggling to find a buyer. Earlier, the insolvency tribunal had granted an extension of 60 days on April 8, which ended on June 3, 2024. Following this latest extension, the CIRP of GO First will come to an end on August 3, 2024. While granting the extension, the Delhi-based NCLT bench said: "This is the final extension". The two-member bench also came down heavily on the Resolution Professional for seeking an extension. Counsel appearing for the RP informed the tribunal that they were seeking this extension owing to an extraordinary situation post the Delhi High Court judgment asking DGCA to deregister all of its 54 aircraft. According to the RP, those who have shown interest in buying the airline have revised the

The lenders of the airline include the Bank of Baroda, the Central Bank of India, and IDBI Bank

Over 94 acres of land will be sold under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002

The Delhi High Court, on April 26, directed the DGCA to deregister planes leased to Go First within five working days, providing much-needed relief to the lessors

This means that the airline has to give back all 54 aircraft to the lessors if its Resolution Professional does not challenge the order or ask for the stay of the order

"DGCA shall forthwith and not later than five working days process the deregistration applications filed by the 54 aircrafts," the court said

Go First filed for voluntary insolvency on May 2, 2023, under Section 10 of IBC, and on May 10, the NCLT admitted Go First's insolvency plea

Go First, which filed for bankruptcy in May last year, received two financial bids as part of its bankruptcy process, the second being Sharjah-based Sky One Airways, Reuters had reported

The three parties who have expressed interest in the airline are expected to submit their resolution plan for the airline's revival by February 15

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Nusli Wadia said that P&W engines started failing right from the earliest delivery in 2017 'not just once, but several times'

SpiceJet itself has been facing a cash crunch for the past several quarters. It is also dealing with multiple court cases regarding money owed to former owner Kalanithi Maran

Chief Executive Officer Kaushik Khona quit at the end of November, saying he couldn't get the carrier flying again and that staff hadn't been paid for six months

Country tagged 'negative' due to 'material non-compliance', says Aviation Working Group

The tribunal has also asked the resolution professional (RP) of the airline to submit a 90-day action plan

The deadline to submit takeover bids ends on Tuesday, and the sources told Reuters Jindal had decided against bidding after evaluating the airline's financial statements

Flags more aircraft groundings from Q4 over new PW engine issue

According to a report, Jindal Power, which had shown its interest in the airline, may not go ahead with its financial bid