Go First bankruptcy: What does bankruptcy protection mean for airline?
1 year, 7 months ago

Go First bankruptcy: What does bankruptcy protection mean for airline?

Live Mint  

One of India's largest airlines, Go Airlines, now rebranded as Go First, has been granted bankruptcy protection by the National Company Law Tribunal on Wednesday. Bankruptcy proceedings against Go First airline will take place as per the process stated under the Insolvency and Bankruptcy code of India, 2016. NCLT announced its order accepting the bankruptcy petition of Go First airline, under Section 10 of IBC code 2016. The list of Go First lessors includes names like Jackson Square Aviation, SMBC Aviation Capital, and CDB Aviation's GY Aviation Leasing.

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History of this topic

Go First gets claims worth ₹23,777 crore from creditors
1 year, 5 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 Airlines | NCLT Directs RP To Protect Assets Under Control Of Corporate Debtor
1 year, 6 months ago

Go Airlines | NCLT Directs RP To Protect Assets Under Control Of Corporate Debtor

Live Law  

The National Company Law Tribunal, Special Bench, comprising of Shri Mahendra Khandelwal and Shri Rahul Bhatnagar, while adjudicating a petition filed by Go Airlines Limited, has directed the Resolution Professional to protect the assets in possession and control of Go Airlines Ltd. in terms of Section 25 of IBC. Further the Interim Resolution Professional has been replaced by Mr. Shailendra …

Go First’s Committee of Creditors replaces bankruptcy officials: Report
1 year, 6 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 …

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 Insolvency: A Prospective Case for a Precedent in Bidding for Control of Insolvent Entity - News18
1 year, 7 months ago

Go First Insolvency: A Prospective Case for a Precedent in Bidding for Control of Insolvent Entity - News18

News 18  

Go First may have been the first airline in India to file for protection under Section 10 of the Insolvency and Bankruptcy Code but not the first globally to undergo insolvency in 2023. Alternately, under Section 30 of the IBC, submitting a resolution plan subject to Section 29A prohibits the promoters of a company undergoing insolvency from participating in the …

Cash-strapped Go First extends suspension of flight operations till May 26
1 year, 7 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 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 …

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 insolvency: What happened so far with the domestic carrier?
1 year, 7 months ago

Go First insolvency: What happened so far with the domestic carrier?

Hindustan Times  

After more than a week of uncertainties, the skies seem to be more clear for the cash-starved airline Go First. Following is the brief chronology of developments in the last nine days. Go First filed for insolvency resolution proceedings in the National Company Law Tribunal. Read here: NCLT initiates Go First airline’s plea to initiate insolvency resolution May 2 - …

NCLT initiates insolvency proceedings for Go First
1 year, 7 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 GoFirst’s insolvency plea
1 year, 7 months ago

NCLT grants GoFirst’s insolvency plea

The Hindu  

The National Company Law Tribunal on Wednesday admitted Go First’s plea for voluntary insolvency and granted protection under moratorium from adverse actions by lessors, lenders, regulator, airports and oil companies. SMBC Aviation Capital which has leased at least seven aircraft to Go First moved National Company Appellate Law Tribunal to challenge the order. Lessors have already terminated lease agreements for …

Go First cancels all flights till 19 May
1 year, 7 months ago

Go First cancels all flights till 19 May

Live Mint  

Due to operational reasons, Go First flights are cancelled until 19th May, according to the airline. “We regret to inform that due to operational reasons, Go First flights scheduled till 19th May 2023 have been cancelled. An Indian tribunal on Wednesday granted bankruptcy protection to Go Airlines Ltd, a move that will help the country's fourth-largest carrier attempt to revive …

NCLT grants Go First bankruptcy protection
1 year, 7 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’s insolvency has policy riddles we must resolve
1 year, 7 months ago

Go First’s insolvency has policy riddles we must resolve

Live Mint  

Go First may have been the first airline in India to file for protection under Section 10 of the Insolvency and Bankruptcy Code in 2023, but was not the first globally to face a solvency crisis. To this purpose, India is looking to introduce a separate framework that’s consistent with the Cape Town Convention, as certain provisions of the Convention …

Go First crisis: Lessors seek deregistration of 36 planes
1 year, 7 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, 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 …

Cash-strapped Go First cancels all flights till May 12, promises refunds
1 year, 7 months ago

Cash-strapped Go First cancels all flights till May 12, promises refunds

Hindustan Times  

Cash-strapped airline Go First on Friday announced the suspension of flights till May 12. On Thursday, Go First had announced that it had suspended flights till May 9. On Tuesday, Go First filed for insolvency resolution proceedings in the National Company Law Tribunal. "Go First has intimated that they have suspended sale of their flights till 15 May 2023 and …

Insolvency petitions against Go First to be heard on May 8
1 year, 7 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, 7 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. …

NCLT reserves order on Go First’s plea for interim moratorium, bankruptcy
1 year, 7 months ago

NCLT reserves order on Go First’s plea for interim moratorium, bankruptcy

Hindustan Times  

The principal bench of the National Company Law Tribunal on Thursday reserved its order on a plea by Go First seeking an interim moratorium to prevent the seizure of its 26 aircraft. Go First filed for insolvency resolution proceedings in the National Company Law Tribunal on Tuesday The cash-strapped airline Go First filed for bankruptcy on Tuesday and as an …

NCLT reserves order on Go First's plea for insolvency resolution proceedings
1 year, 7 months ago

NCLT reserves order on Go First's plea for insolvency resolution proceedings

The Hindu  

The National Company Law Tribunal on May 4 reserved its order on crisis-hit airline Go First's plea seeking voluntary insolvency resolution proceedings. A two-member bench headed by President Justice Ramalingam Sudhakar concluded the day-long hearing during which the Wadia group-controlled airline sought initiation of insolvency resolution proceedings and an interim moratorium on its financial obligations. The Directorate General of Civil …

Go First suspends sale of tickets till May 15; DGCA directs refund to passengers
1 year, 7 months ago

Go First suspends sale of tickets till May 15; DGCA directs refund to passengers

Hindustan Times  

Go First has informed the aviation regulator that they have suspended their sale of tickets till May 15, the Directorate General of Civil Aviation said on Thursday. On Tuesday, Go First filed for insolvency resolution proceedings in the National Company Law Tribunal “Go First has intimated that they have suspended sale of their flights till 15th May 2023 and are …

Cash-strapped Go First stops ticket sales till May 15, DGCA orders full refunds
1 year, 7 months ago

Cash-strapped Go First stops ticket sales till May 15, DGCA orders full refunds

Hindustan Times  

Days after it filed for voluntary insolvency before the National Company Law Tribunal, cash-strapped airline Go First has informed the Directorate General of Civil Aviation that it has suspended the sale of tickets till May 15. In a statement, the aviation regulator referred to the showcause notice issued to the airline, and said that Go First had intimated that they …

Go First’s NCLT hearing: Cash-strapped Airline seeks interim moratorium
1 year, 7 months ago

Go First’s NCLT hearing: Cash-strapped Airline seeks interim moratorium

Live Mint  

Cash-strapped budget airline Go First has sought an interim moratorium as the Delhi chapter of the National Company Law Tribunal began hearing its voluntary insolvency plea on Thursday. The budget carrier, on Tuesday, cited the grounding of more than half of the fleet due to non-supply of engines by Pratt & Whitney as the reason for its financial crunch The …

Go First moves NCLT, says total dues to creditors at over ₹11k crore
1 year, 7 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 voluntary insolvency. What happened to the airline?
1 year, 7 months ago

Go First files for voluntary insolvency. What happened to the airline?

Hindustan Times  

Air Carrier Go First Airways on Tuesday filed for insolvency resolution proceedings in the National Company Law Tribunal. Go First said it has paid ₹ 5,657 crores to lessors in the last two years of which approximately ₹ 1600 crore was paid towards lease rent for non-operational grounded aircraft The Wadia Group-owned air carrier with more than 5,000 employees has …

Go First to suspend flights on May 3, 4 amid severe fund crunch
1 year, 7 months ago

Go First to suspend flights on May 3, 4 amid severe fund crunch

Deccan Chronicle  

MUMBAI: Wadia group-owned Go First will temporarily suspend flights on May 3 and 4 amid severe fund crunch, the airline's chief Kaushik Khona said on Tuesday. The budget carrier has also filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal, Delhi. Speaking to PTI, Khona said the airline has grounded 28 planes, more than half …

India’s Go First airline files for bankruptcy
1 year, 7 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 …

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