‘India is a risky jurisdiction…,’ SMBC Aviation warns amid Go First crisis
1 year, 7 months ago

‘India is a risky jurisdiction…,’ SMBC Aviation warns amid Go First crisis

Live Mint  

SMBC Aviation Capital, the world's second-largest aircraft lessor, pointed out that National Company Law Tribunal's decision to block leasing firms from reclaiming Go First planes will create ripples in the markets and will also create a confidence crisis. Apart from SMBC, other aircraft leasing firms, such as Jackson Square Aviation and Bank of China Aviation, have also raised the alarm after a tribunal gave Go Airlines Ltd bankruptcy protection to allow it to revive, and at the same time, barred lessors from reclaiming their planes. "Lessors and international aircraft owners see India as a risky jurisdiction for aircraft leasing," after the failures of Jet and Kingfisher, SMBC told the tribunal ahead of a hearing on Friday where it seeks to quash Go First's bankruptcy protection. Go First and SMBC, which also called the Indian airline's insolvency filing a "smokescreen" to defraud creditors and lessors, did not respond to a request for comment.

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History of this topic

Mint Explainer: The Cape Town connection to the Jet Airways, Go First insolvencies
1 month, 1 week ago

Mint Explainer: The Cape Town connection to the Jet Airways, Go First insolvencies

Live Mint  

The failure to revive two prominent Indian airlines—Jet Airways and Go First—has triggered a debate on the limitations of India’s Insolvency and Bankruptcy Code, particularly in addressing airline insolvencies. As it was with Jet Airways, Go First’s resolution process was marred by mismanagement, with lessors even filing contempt proceedings against the airline’s resolution professional, Shaildnea Ajmera, for allegedly damaging the …

Jet Airways grounded for good as Supreme Court orders liquidation
1 month, 2 weeks ago

Jet Airways grounded for good as Supreme Court orders liquidation

India Today  

The Supreme Court's ruling on November 7 to liquidate Jet Airways effectively closed the chapter on attempts to revive the once-prominent Indian airline. With Jet Airways grounded since 2019 due to financial distress, the court's decision highlights the challenges surrounding corporate recoveries within India’s aviation sector. The court also set aside the National Company Law Appellate Tribunal order, which allowed …

GoFirst's last stand with two suitors in the wings: Understanding airline insolvency in India
8 months, 1 week ago

GoFirst's last stand with two suitors in the wings: Understanding airline insolvency in India

Hindustan Times  

Earlier this week, the National Company Law Tribunal extended the moratorium period on Go First’s dues and leased aircraft by another 60 days giving the grounded airline a final chance to get new owners. Go First has two suitors — a consortium of SpiceJet chief Ajay Singh and Busy Bee Airways and Sharjah-based Sky One — who have shown interest …

Aviation leasing watchdog cuts India’s compliance rating
1 year, 2 months ago

Aviation leasing watchdog cuts India’s compliance rating

The Hindu  

I, A global aviation leasing watchdog has cut India’s compliance rating with international leasing laws and kept the country on a watchlist with a negative outlook amid a dispute between local airline Go First and its aircraft lessors. The AWG said 130 days had passed since the lessors’ request to repossess their aircraft, more than double the maximum waiting period …

Go Airlines| NCLT Delhi Permits Go Airlines To Resume Operations
1 year, 4 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 suspended board files caveats before Supreme Court against aircraft lessors
1 year, 7 months ago

Go First suspended board files caveats before Supreme Court against aircraft lessors

Deccan Chronicle  

NEW DELHI: The suspended board of Go First on Tuesday filed caveats before the Supreme Court against four aircraft lessors of the crisis-hit airline. Four caveats have been filed by Varun Berry, the Chairman of the suspended board of Go First through his counsel advocate Pranjal Kishore, as per the information available on the website of the Supreme Court of …

Go First crisis: Big blow to aircraft lessors as NCLAT upholds bankruptcy ruling
1 year, 7 months ago

Go First crisis: Big blow to aircraft lessors as NCLAT upholds bankruptcy ruling

India Today  

The National Company Law Appellate Tribunal on Monday upheld insolvency proceedings against cash-strapped airline Go First, in what seems to be a big blow for aircraft lessors who had challenged the decision. Aircraft lessors had approached the NCLAT and challenged the National Company Law Tribunal’s ruling that granted bankruptcy protection to Go First. This means Go First’s aircraft lessors, which …

Go First crisis: What is CTC? Why India’s aviation sector needs it
1 year, 7 months ago

Go First crisis: What is CTC? Why India’s aviation sector needs it

Live Mint  

Amid the Go First crisis, the global aviation leasing watchdog has put India on a watchlist with a negative outlook following the NCLT order restricting the Wadia Group's bankrupt airline's lessors from repossessing planes as the insolvency process is underway. Go First's lessors include SMBC Aviation, CDB Aviation's GY Aviation Leasing, Jackson Square Aviation, and BOC Aviation. Union Aviation Minister …

Go First: Aircraft lessor moves Delhi High Court seeking directions to take back its leased plane
1 year, 7 months ago

Go First: Aircraft lessor moves Delhi High Court seeking directions to take back its leased plane

The Hindu  

As Go First undergoes insolvency resolution proceedings, an aircraft lessor moved the Delhi High Court seeking directions to the authorities to release the plane leased to the crisis-hit airline. Besides, two more aircraft lessors have moved the National Company Law Appellate Tribunal opposing the airline's insolvency proceedings. With moratorium on financial obligations and transfer of assets of Go First in …

Explained: Why Go First crisis could increase cost of air travel in India
1 year, 7 months ago

Explained: Why Go First crisis could increase cost of air travel in India

India Today  

The admission of beleaguered low-cost airline Go First’s voluntary insolvency plea by the National Company Law Tribunal has upset global aircraft lessors – a development that could significantly increase the cost of operations for airlines, and subsequently increase the cost of flying. Following the NCLT’s decision to accept Go First’s voluntary insolvency plea, the world’s second-largest aircraft lessor, SMBC Aviation …

Go First's insolvency flight leaves trail of concerns for aircraft lessors
1 year, 7 months ago

Go First's insolvency flight leaves trail of concerns for aircraft lessors

Firstpost  

At least 50 requests to take back as many leased planes from two Indian airlines in less than two weeks. Cash-strapped Go First being admitted for insolvency resolution proceedings on a voluntary plea and subsequent moratorium has left a trail of concerns and uncertainties for aircraft lessors with respect to India, the world’s third-largest aviation market. Regional airline Star Air’s …

Go First crisis will not change Indian aviation's growth trajectory: Boeing
1 year, 7 months ago

Go First crisis will not change Indian aviation's growth trajectory: Boeing

Firstpost  

US aircraft maker Boeing on Friday said the crisis at Go First will not change the trajectory of the Indian civil aviation market in terms of growth and macro trends while legislative clarity on aircraft leasing aspects will provide more comfort to the lessors. Against the backdrop of insolvency proceedings being initiated against cash-strapped Go First, Boeing India President Salil …

Explained | The troubles of India’s aviation industry
1 year, 7 months ago

Explained | The troubles of India’s aviation industry

The Hindu  

The story so far: After low-cost carrier GoFirst’s insolvency filing last week, the aviation safety regulator Directorate General of Civil Aviation on Monday, May 8, directed the airline to stop selling air tickets immediately. While the Indian aviation sector initially saw a boom in the 1990s after opening up as a result of liberalisation reforms and the breaking of the …

Go Airlines asks tribunal to urgently pass order on insolvency plea
1 year, 7 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 …

Why airlines keep folding in India’s booming aviation market
1 year, 7 months ago

Why airlines keep folding in India’s booming aviation market

Live Mint  

Go Airlines India Ltd. this week became the latest victim in the battle of the skies over India. Go, run by cookie-to-clothing magnate Nusli Wadia’s group, is the third high-profile carrier majority owned by a billionaire that has ceased to fly in the past 11 years. Modi has committed to steer the state away from business, proving his credentials by …

Symptomatic stall: The Hindu Editorial on the Go First crisis and the aviation industry
1 year, 7 months ago

Symptomatic stall: The Hindu Editorial on the Go First crisis and the aviation industry

The Hindu  

Go Airlines, the Wadia Group’s low-cost carrier, this week became India’s first domestic airline since the outbreak of the COVID-19 pandemic to go into a mid-air stall and seek bankruptcy protection. For an airline that rebranded itself as Go First less than two years ago in a bid to make a fresh start, with CEO Kaushik Khona declaring at the …

Air India Changing Global Geopolitics Through Aviation - News18
1 year, 10 months ago

Air India Changing Global Geopolitics Through Aviation - News18

News 18  

A country can take bold decisions only when it can stand on its own feet, and when India makes such a call, it does so because it has made itself that strong to be able to do it. Air India has also placed orders with Boeing and Airbus for 470 new aircraft, the largest by a single entity. Air India’s …

Jet Airways takes to the skies after three years: What’s in store for the once-bankrupt airline?
2 years, 7 months ago

Jet Airways takes to the skies after three years: What’s in store for the once-bankrupt airline?

Firstpost  

Jet Airways has already hired over 200 people across major operations, including former SpiceJet and Vistara executive Sanjiv Kapoor as its CEO. The airline plans to start operations in the September quarter of this year A Jet Airways test flight took to the skies on Thursday from Hyderabad Airport for the first time after a hiatus of three years. The …

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