Go First acquisition: NCLAT asks Busy Bee Airways to negotiate deal with lenders
1 month, 3 weeks ago

Go First acquisition: NCLAT asks Busy Bee Airways to negotiate deal with lenders

Live Mint  

The National Company Law Appellate Tribunal has asked Busy Bee Airways, a bidder for bankrupt airline Go First, to approach the airline’s lenders and negotiate a deal to acquire the airline as a going concern. Busy Bee Airways, backed by EaseMyTrip’s Nishant Pitti, had challenged a liquidation order issued by the National Company Law Tribunal in the NCLAT on 20 January. Majority-owned by Nishant Pitti and linked to SpiceJet chairman Ajay Singh, Busy Bee Airways had initially expressed interest in acquiring Go First but withdrew its bid when the airline was left without operational aircraft. Founded in Delhi on 19 April 2017, with a paid-up capital of ₹1 lakh, Busy Bee Airways had previously proposed a bid of ₹1,800 crore, up from ₹1,600 crore, for Go First.

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History of this topic

Busy Bee Airways to reach out to Go First lenders
1 month, 3 weeks ago

Busy Bee Airways to reach out to Go First lenders

New Indian Express  

NEW DELHI: Busy Bee Airways on Friday informed the insolvency appellate tribunal NCLAT that it will try to reach out to the lenders of Go First. Travel portal EaseMyTrip’s co-founder Nishant Pitti is the majority shareholder in Busy Bee Airways. During the insolvency resolution process, Busy Bee Airways, along with SpiceJet chief Ajay Singh, and Sharjah-based aviation entity Sky One …

NCLT New Delhi Orders Liquidation Of Go Airlines (India) Limited
2 months ago

NCLT New Delhi Orders Liquidation Of Go Airlines (India) Limited

Live Law  

The National Company Law Tribunal, New Delhi bench of Justice Mahendra Khandelwal and Dr. Sanjeev Ranjan has ordered the liquidation of Go First Airlines, marking the conclusion of a 20-month-long insolvency process after no viable resolution plan emerged. The Tribunal stated the CoC in the legislative scheme is empowered to make the decision to liquidate the corporate debtor, at any …

Busy Bee Airways challenges liquidation of Go First in NCLAT
2 months ago

Busy Bee Airways challenges liquidation of Go First in NCLAT

Live Mint  

Busy Bee Airways Pvt Ltd, one of the bidders for the grounded airline Go First, has approached the National Company Law Appellate Tribunal to challenge the airline's liquidation. On 21 January, Busy Bee Airways informed the NCLT of its decision to contest the liquidation, saying it intended to submit a resolution plan to take over the airline. Majority-owned by Nishant …

Go First case: Former bidder Busy Bee Airways withdraws plea against liquidation
2 months ago

Go First case: Former bidder Busy Bee Airways withdraws plea against liquidation

Live Mint  

New Delhi: Busy Bee Airways Pvt. Ltd, former bidder for bankrupt airline Go First, on Tuesday withdrew its plea challenging the 18 December decision of the National Company Law Tribunal reserving the liquidation order. In its plea, Busy Bee Airways also sought updated and comprehensive details about Go First, as requested in emails dated 6 May 2024, 27 May 2024, …

NCLT orders liquidation of Go First airline amid ongoing financial crisis
2 months ago

NCLT orders liquidation of Go First airline amid ongoing financial crisis

India TV News  

The National Company Law Tribunal on Monday ordered the liquidation of Go First, marking a dramatic end to the airline's 17-year legacy in the Indian aviation industry. In May 2023, Go First filed for insolvency, citing severe financial distress, and subsequently entered into an insolvency resolution process that ultimately failed to find a sustainable solution. The Liquidation decision The NCLT's …

NCLT orders Go First liquidation
2 months ago

NCLT orders Go First liquidation

The Hindu  

The National Company Law Tribunal on Monday ordered the liquidation of budget air carrier Go First Airways two years after it shut flight operations and approached the court seeking voluntary insolvency. A bench of NCLT comprising Judicial Member Mahendra Khandelwal and Technical Member Dr. Sanjeev Ranjan allowed an application for liquidation filed by the Committee of Creditors of Go First. …

NCLT orders liquidation of Go First, ending 20-month insolvency saga
2 months ago

NCLT orders liquidation of Go First, ending 20-month insolvency saga

Live Mint  

The National Company Law Tribunal has ordered the liquidation of Go First, marking the end of 20 months of insolvency proceedings for the struggling budget airline. Go First, which filed for bankruptcy in May 2023, had a 6.9% market share in India’s aviation sector at the time. Financial woes and consumer protection concerns Go First’s financial troubles had begun when …

NCLT orders liquidation of Go First airline
2 months ago

NCLT orders liquidation of Go First airline

The Hindu  

The National Company Law Tribunal has ordered the liquidation of Go First Airways after a request from the cash-strapped airline's lenders. In August, Go First's lenders had decided to liquidate the company's assets after rejecting bids by interested suitors to revive the bankrupt airline, Reuters had reported, citing sources. Go First had filed for bankruptcy in May last year and …

Bankrupt airline Go First's liquidation plea approved by law tribunal
Trending News
2 months ago

Bankrupt airline Go First's liquidation plea approved by law tribunal

India Today  

The National Company Law Tribunal has ordered the liquidation of Go First airline, according to multiple media reports. A NCLT bench, led by Judicial Member Mahendra Khandelwal and Technical Member Dr Sanjeev Ranjan, granted the liquidation petition filed by the airline’s Committee of Creditors, reported Bar and Bench. Go First’s lenders decided to liquidate the bankrupt budget carrier’s assets in …

SpiceJet along with Busy Bee Airways submit bid for bankrupt Go First
1 year, 1 month ago

SpiceJet along with Busy Bee Airways submit bid for bankrupt Go First

New Indian Express  

NEW DELHI: SpiceJet chief Ajay Singh, along with Busy Bee Airways, have submitted a bid for bankrupt Go First. In a release on Friday, SpiceJet said the bid has been submitted by Singh in his personal capacity, along with Busy Bee Airways Pvt Ltd. "SpiceJet's role as the operating partner for the new airline involves providing essential staff, services, and …

SpiceJet to submit offer to Go First after due diligence to create an ‘airline in collaboration’
1 year, 3 months ago

SpiceJet to submit offer to Go First after due diligence to create an ‘airline in collaboration’

Firstpost  

The news, which pushed up SpiceJet shares by more than 7%, came after Go First’s lenders began contemplating the airline’s liquidation after they did not get any bids for it within the late November deadline Budget carrier SpiceJet said on Tuesday that it will submit an offer with the resolution professional of Go First after due diligence to “create an …

Go First to chase ₹ 12,000 crore with litigation finance
1 year, 3 months ago

Go First to chase ₹ 12,000 crore with litigation finance

Live Mint  

MUMBAI : Lenders to Go First plan to scout for litigation finance to bring home up to ₹12,000 crore tied up in various lawsuits, two people aware of the development said, as the bankrupt airline stares at likely liquidation. The idea of litigation finance was suggested by Go First’s resolution professional since all the current “parameters are pointing towards liquidation" …

Buyers’ apathy, change in IBC spur Go First liquidation fear
1 year, 5 months ago

Buyers’ apathy, change in IBC spur Go First liquidation fear

Live Mint  

MUMBAI : Bankrupt airline Go First is staring at a potential liquidation or torturous recovery given the lack of buyers’ interest, fleet uncertainty and mounting costs, two people aware of the matter said. Go First’s revival was clouded further by a 3 October government notification that said leased aircraft and engines would not come under the bankruptcy moratorium. And then, …

NCLAT gives Jalan-Kalrock consortium time till 30 Sep to repay Jet Air lenders
1 year, 6 months ago

NCLAT gives Jalan-Kalrock consortium time till 30 Sep to repay Jet Air lenders

Live Mint  

New Delhi: The National Company Appellate Tribunal on Monday gave Jalan-Kalrock consortium, the successful bidder for Jet Airways, time till 30 September to clear dues worth ₹350 crore to lenders of the grounded airline. The tribunal also accepted the consortium's plea to adjust ₹150 crore from a performance bank guarantee towards the payment of ₹350 crore. Lenders have infused approximately …

Go Airlines| NCLT Delhi Permits Go Airlines To Resume Operations
1 year, 7 months ago

Go Airlines| NCLT Delhi Permits Go Airlines To Resume Operations

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Mahendra Khandelwal and Shri Rahul Bhatnagar, while adjudicating a petition filed by Go Airlines Limited, has permitted Go Airlines to operate the leased aircrafts in order to maintain the company’s status as a going concern. Accordingly, the Lessors filed an application under Section 60 of IBC before the NCLT …

Go First files application for ‘immediate’ revival of operations
1 year, 8 months ago

Go First files application for ‘immediate’ revival of operations

Live Mint  

Go First on Sunday announced the cancellation of flights until July 25 due to operational reasons. The aviation company made the announcement on its official Twitter handle in which it stated that it has filed an application for immediate resolution and revival of operations. “We regret to inform you that due to operational reasons, Go First flights scheduled till 25th …

Go First gets claims worth ₹23,777 crore from creditors
1 year, 8 months ago

Go First gets claims worth ₹23,777 crore from creditors

Live Mint  

Go Airlines Ltd has received claims totaling ₹23,777 crore from both operational and financial creditors as part of its ongoing insolvency process, according to two banking sources who spoke to Reuters. The resolution professional overseeing Go Airlines is yet to authenticate the validity of the claims and did not promptly respond to a request for comment from Reuters via email. …

Go First’s Committee of Creditors replaces bankruptcy officials: Report
1 year, 9 months ago

Go First’s Committee of Creditors replaces bankruptcy officials: Report

Live Mint  

The creditors of Go First Airlines have replaced the bankruptcy-related officials appointed by the company, in a move to take full control of the carrier’s resolution process at the National Company Law Tribunal, a report said. The committee of creditors of Go First has replaced the previously appointed interim resolution professional, process advisor and legal agency during its first meeting …

NCLT accepts Delhivery notice to declare Go First’s insolvency fraudulent
1 year, 9 months ago

NCLT accepts Delhivery notice to declare Go First’s insolvency fraudulent

Live Mint  

The National Company Law Tribunal on Thursday accepted logistic courier service provider Delhivery's notice to declare Go First's voluntary insolvency resolution as fraudulent and malicious, media reports suggested. As per an Economic Times report, NCLT accepted Delhivery's notice seeking Go First's voluntary insolvency resolution as fraudulent and malicious. Earlier Mint reported that the cash-strapped budget airline Go First had sought …

Go First bankruptcy | Crisis in the skies
1 year, 10 months ago

Go First bankruptcy | Crisis in the skies

India Today  

The May 2 decision of Go First, India’s third-largest carrier, to suspend flights for two days—later extended till May 19—caught fliers, the aviation regulator and the Centre totally off guard. The company has cited the long delays in sourcing airworthy engines from the US aerospace major Pratt & Whitney as the reason behind the decision to go for insolvency, but …

Cash-strapped Go First extends suspension of flight operations till May 26
1 year, 10 months ago

Cash-strapped Go First extends suspension of flight operations till May 26

Hindustan Times  

Crisis-hit Go First on Wednesday extended the suspension of flight operations till May 26, citing operational reasons and expressed hope that it will be able to resume bookings shortly. The National Company Law Tribunal admitted the airline's voluntary plea insolvency resolution proceedings on May 10 Go First, which is undergoing insolvency resolution proceedings, stopped flying from May 3. The National …

Go First insolvency: NCLAT to hear lessors’ plea on May 22
1 year, 10 months ago

Go First insolvency: NCLAT to hear lessors’ plea on May 22

Live Mint  

The National Company Law Appellate Tribunal has deferred the matter pertaining to Go First lessors’ petition seeking a stay on a bankruptcy court order allowing voluntary insolvency of the low-cost airline to May 22, according to reports. A bench led by Justices Ashok Bhushan and Barun Mitra will take up the petition filed by SMBC Aviation Capital, one of the …

Go First: NCLAT to hear SMBC Aviation Capital’s plea challenging insolvency
1 year, 10 months ago

Go First: NCLAT to hear SMBC Aviation Capital’s plea challenging insolvency

Live Mint  

National Company Law Tribunal on Friday will hear a plea filed by Go First's lessor SMBC Aviation Capital Ltd challenging the tribunal's order allowing insolvency. SMBC Aviation Capital Ltd told NCLAT that the initiation of insolvency by Go First was a “fraudulent exercise”. He also questioned the proceedings at the NCLT as the tribunal completed Go First's hearing of the …

Go First: NCLAT to hear plea by airline’s lessor SMBC Aviation Capital
1 year, 10 months ago

Go First: NCLAT to hear plea by airline’s lessor SMBC Aviation Capital

Live Mint  

National Company Law Tribunal on Thursday will hear a plea filed by Go First's lessor SMBC Aviation Capital Ltd challenging yesterday's order allowing insolvency. The Wadia-group-owned airline was granted bankruptcy protection by NCLT on Wednesday, bolstering the country's fourth largest carrier's chances of getting back on its feet, but lessors have started mounting legal challenges to repossess planes. The bankruptcy …

NCLT initiates insolvency proceedings for Go First
1 year, 10 months ago

NCLT initiates insolvency proceedings for Go First

Hindustan Times  

The National Company Law Tribunal on Wednesday admitted Go First’s voluntary plea under the Insolvency and Bankruptcy Code and awarded the airline bankruptcy protection. Go First has suspended sale of tickets till May 15 The airline had last week filed for insolvency resolution proceedings in the NCLT while also announcing the suspension of the sale of tickets till May 15. …

NCLT grants Go First bankruptcy protection
1 year, 10 months ago

NCLT grants Go First bankruptcy protection

Live Mint  

The National Company Law Tribunal on 10 May agreed to grant Go First protection under moratorium from recovery by lessors, lenders. NCLT, in its judgement, said that “we admit the plea of Go Airlines for insolvency proceedings.” A two-member bench comprising President Justice Ramalingam Sudhakar and L N Gupta also appointed Abhliash Lal as interim resolution professional to run the …

Go First extends flight cancellations till May 19
1 year, 10 months ago

Go First extends flight cancellations till May 19

India Today  

Cash-strapped airline Go First, which was granted relief by the National Company Law Tribunal on Wednesday, has extended flight cancellations till May 19. Go First gets fresh lifeline In another major development, the NCLT approved Go First’s voluntary insolvency plea, fuelling fresh hopes of revival for the Wadia group-owned airline. The NCLT bench directed the initiation of the Corporate Insolvency …

Go First’s insolvency case: NCLT to pass its verdict on Wednesday
1 year, 10 months ago

Go First’s insolvency case: NCLT to pass its verdict on Wednesday

Live Mint  

India's National Company Law Tribunal will give an order on Go Airlines Ltd's insolvency case on Wednesday, according to a notice on the tribunal's website on Tuesday. The airline, widely known as Go First, filed for bankruptcy protection last week, blaming "faulty" Pratt & Whitney engines for the grounding of about half its 54 Airbus A320neo planes. The two-member bench …

Go First crisis: Lessors seek deregistration of 36 planes
1 year, 10 months ago

Go First crisis: Lessors seek deregistration of 36 planes

Live Mint  

Lessors Monday urged the Directorate General of Civil Aviation to deregister 13 more Go First aircraft to secure their assets. Earlier, on Thursday they has applied for deregistration of 23 planes of the cash-strapped Indian airline before the insolvency process begins.The lessors have so far sought the deregistration of 36 planes of Go First. The Go First today requested the …

Go Airlines asks tribunal to urgently pass order on insolvency plea
1 year, 10 months ago

Go Airlines asks tribunal to urgently pass order on insolvency plea

The Hindu  

Go Airlines on Monday asked the National Company Law Tribunal to urgently pass an order on its insolvency plea, citing lessors' efforts to take back planes, per the court hearing. On Monday, Go First lawyers told the tribunal to urgently pass an order on the airline's insolvency plea, saying its lessors had moved to repossess the planes even as bankruptcy …

Insolvency petitions against Go First to be heard on May 8
1 year, 10 months ago

Insolvency petitions against Go First to be heard on May 8

Hindustan Times  

As Go First awaits the NCLT ruling on its voluntary insolvency resolution plea, the tribunal is set to hear on Monday two petitions seeking insolvency proceedings against the crisis-hit airline. Go First airline With liabilities of ₹11,463 crore and a financial crunch, the Wadia group-owned airline has sought voluntary insolvency resolution proceedings as well as an interim moratorium on financial …

GoFirst crisis: Wadia Group seeking a one-time settlement offer
1 year, 10 months ago

GoFirst crisis: Wadia Group seeking a one-time settlement offer

Live Mint  

The Wadia Group, which owns the struggling airline Go First, is expected to request a settlement with banks that would involve creditors accepting a significant reduction in the amount owed, The Financial Express has reported. This means that the airline itself initiated the insolvency proceedings instead of creditors taking the debtor to the National Company Law Tribunal for debt recovery. …

Go First Files for Bankruptcy: What's Next for the Cash-Strapped Airline?
1 year, 10 months ago

Go First Files for Bankruptcy: What's Next for the Cash-Strapped Airline?

The Quint  

Air India and Vistara are the other two A320neo family operators in India, and are powered by engine maker CFM. Go First said that grounded aircraft "due to P&W's faulty engines" grew from seven percent of its fleet in December 2019 to 50 percent in December 2022, costing it Rs 10,800 crore in lost revenue and additional expenses. "It is …

Go First moves NCLT, says total dues to creditors at over ₹11k crore
1 year, 10 months ago

Go First moves NCLT, says total dues to creditors at over ₹11k crore

The Hindu  

Go First approached the National Company Law Tribunal on Wednesday and sought the admission of its insolvency plea. According to Reuters, the airline in its petition before the court said that its total liabilities to all creditors stood at ₹11,463 crore, which includes dues to banks, financial institutions, vendors and aircraft lessors. The petition lists Central Bank of India Ltd., …

Go First files for bankruptcy, suspends flights for 3 days
1 year, 10 months ago

Go First files for bankruptcy, suspends flights for 3 days

The Hindu  

Low-cost carrier Go First has filed for bankruptcy at the National Company Law Tribunal and suspended its flight operations for the next three days — May 3,4, and 5 — over mounting losses, which it has attributed to delays in the delivery of Pratt and Whitney engines, resulting in the grounding of half its fleet of aircraft. In a statement, …

India’s Go First airline files for bankruptcy
1 year, 10 months ago

India’s Go First airline files for bankruptcy

Al Jazeera  

The airline blamed ‘faulty’ Pratt & Whitney engines which led to the grounding of half its fleet, hurting revenue. Cash-strapped Indian airline Go First filed for bankruptcy proceedings on Tuesday, blaming “faulty” Pratt & Whitney engines for the grounding of about half its fleet. Go First’s total debt to financial creditors is 65.21 billion rupees as of April 28, it …

Go Airlines gets Sebi nod for Rs 3,600 crore IPO
3 years, 6 months ago

Go Airlines gets Sebi nod for Rs 3,600 crore IPO

India TV News  

Go Airlines gets Sebi nod for Rs 3,600 crore IPO The airline plans to garner up to Rs 3,600 crore through sale of shares, according to the Draft Red Herring Prospectus. Budget carrier Go Airlines, which has rebranded itself as 'Go First', has received market regulator Sebi's go-ahead for an initial public offer worth Rs 3,600 crore. The airline plans …

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