Go First to chase ₹ 12,000 crore with litigation finance
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" as the only alternative left, one of the two people said. “The suggestion is that existing legal costs can be paid off to lawyers by the lenders, and then a credit fund or a large stressed-debt fund can be roped in for financing all the litigation going forward and help Go First win the cases," the person said. If Go First is successful with the litigation, it may also help the lenders repay as much as ₹400 crore to customers who had booked flights before the airline’s abrupt grounding, the first person added.
Go First case: Former bidder Busy Bee Airways withdraws plea against liquidation
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