Page 3 - Go Air

Delhi HC defers hearing of Go First against single-judge order on July 12

Under the Insolvency Bankruptcy Code, 2016(IBC), the NCLT is the adjudicating authority on all matters

DGCA analysing special audit report of cash-strapped Go First: Official

The Directorate General of Civil Aviation (DGCA) is analysing the report of the special audit of grounded Go First, which is undergoing insolvency resolution process, a senior official said on Tuesday. Cash-strapped Go First, which had been flying for more than 17 years, stopped operations from May 3. The official said the watchdog is currently analysing the report of the special audit of Go First. The special audit was done to check the operational preparedness of Go First. The audit, conducted from July 4 to 6, covered facilities of the carrier in Mumbai and Delhi. Meanwhile, Go First and aircraft lessors are engaged in a legal battle before the Delhi High Court. According to the official, the high court's ruling in this regard would also be a key factor in terms of the proceedings under the Insolvency and Bankruptcy Code (IBC). After taking into account the audit findings and other factors, the DGCA will decide on approving Go First's revival plan. On Monday, Go First's Resol

Go Airlines invites Expression of Interest for possible sale of carrier

The last date for receipt of interest for the airline is set for Aug. 9, according to a advertisement

Go First to challenge high court order on inspection of planes by lessors

Go First will challenge the Delhi High Court's ruling permitting its lessors to inspect the aircraft as there are inconsistencies with the order passed by the National Company Law Tribunal in the case, according to the grounded airline's resolution professional. The cash-strapped budget carrier stopped flying from May 3 and is undergoing insolvency resolution process and aviation regulator DGCA is doing a special audit of the airline, which has sought approval for restarting operations. On Thursday, senior advocate Ramji Srinivasan appearing for the resolution professional of Go First told the NCLT that the airline will challenge the high court order. There are inconsistencies between the order passed by the single-member bench of the high court and the directions given by the NCLT (National Company Law Tribunal). "As things are presently advised, we are considering challenging it," he said. Shailendra Ajmera is the resolution professional of the airline. In its 46-page order pas

Delhi HC allows Go First lessors to access aircraft, do maintenance

Lessors have made several attempts to reclaim planes for missed payments

HC allows Go First lessors to inspect aircraft, carry out maintenance

The Delhi High Court Wednesday allowed crisis-hit Go First's lessors to inspect their aircraft at least twice a month and carry out maintenance. The high court said there can be no denial of the fact that the aircraft of the petitioner lessors are highly valuable and sophisticated equipment and require maintenance for their preservation. Justice Tara Vitasta Ganju also restrained Go First and its representatives, and the Interim Resolution Professional (IRP) appointed by the NCLT, from removing, replacing or taking out any part or components, or records of the 30 aircraft except with the prior written approval of the lessor of the particular airplane. The high court passed the interim order on multiple applications filed by the lessors to alleviate any further losses. The interim applications were filed in the main petitions by lessors seeking deregistration of their planes by aviation regulator DGCA so they could take them back from the airline. The high court asked the Director

Go First extends cancellation of its scheduled flights till July 10

The airline, which is undergoing an insolvency resolution process, stopped flying on May 3 and since then, it has extended the cancellation of flights multiple times

DGCA safety audit of Go First on July 4-6 ahead of flight resumption

Go First halted flight operations from May 3 onwards and was admitted under insolvency process on May 10

Go First revival plan: DGCA to conduct audit before restarting operations

Aviation regulator DGCA will examine documents submitted by Go First related to the revival plan and will also conduct an audit on operational preparedness before allowing the carrier to restart operations, according to sources. Senior representatives of the current management of Go First, which has stopped flying since May 3, discussed various aspects of the revival plan with officials of the Directorate General of Civil Aviation (DGCA) in the national capital on Wednesday, they said. The budget carrier, which was owned by the Wadia family, is in voluntary insolvency resolution proceedings. According to the sources privy to the development, the airline's EY-backed Resolution Professional Shailendra Ajmera and Interim CEO Kaushik Khona made a detailed presentation to the DGCA officials on the revival plan. DGCA will also conduct an audit to assess the airline's operational preparedness once it completes the scrutiny of the documents. The audit is expected to take place next week,

Top headlines: Go First lenders approve $55 mn infusion, Vi turnaround soon

Business Standard brings you the top headlines at this hour

Go First's lenders approve $55 mn fund infusion to revive carrier: Reports

Go First was granted bankruptcy protection on May 10. Reuters reported last week that the airline has sought Rs 400 cr- Rs 600 cr in additional funds from banks

Top headlines: Standoff in Imphal ends, Wagner chief orders to halt march

Business Standard brings you the latest headlines at this hour

Banks may finance Go First's request for Rs 400 crore interim funding

Go First intends to start operations on July 1 and needs DGCA approval for the restart and sale of tickets

Flights to remain suspended till June 25, says cash-strapped Go First

The crisis hit airlines had earlier announced that its operations would remain cancelled till June 22

Lenders considering forensic audit of Go First to check on funds

They want to be sure which entities used the loans granted by them to the airline: Sources

Fluctuations in airfares likely to continue, says IndiGo CEO Pieter Elbers

Airfares in India shot up last month as the demand for travel increased and simultaneously half of Go First's fleet was grounded due to a disruption in the supply of Pratt & Whitney jet engines

Top headlines: Govt to get Rs 63K cr dividend, Go First may resume ops

Business Standard brings you the top headlines at this hour

IndiGo gains from Go First grounding, logs highest ever market in May

Go First flew 48,000 passengers in the first two days of May before halting operations

Air India, IndiGo add Leh and Srinagar flights to fill gap left by Go First

Despite heavy demand from across the country, the daily average number of passengers headed to Srinagar dropped to 11,500-12,000 last month from 17,500-18,000 a year ago

Go First's CoC now in place; approval for revival plan likely soon: Report

Lenders of Go First, which is undergoing voluntary insolvency resolution process, have set up the Committee of Creditors (CoC) and a new resolution professional is likely to be appointed early next week, a source said on Friday. Cash-strapped Go First stopped flying from May 3 and now, with the CoC in place, the process for revival of the grounded airline is likely to gain speed. The source said the deadline for constituting the CoC was June 9. "The representatives from all four banks -- Bank of Baroda, Central Bank of India, IDBI and Deutsche Bank -- visited Go First office on Friday and after a meeting, they set up the CoC. "They discussed various aspects with Go First executives and the ways to proceed further," the source privy to the development told PTI. According to the source, the new resolution professional is expected to be appointed on June 12, and the lenders have suggested one name each from KPMG and EY. "The CoC is now expected to take up the revival plan for Go Fir