NEW DELHI: The lessors of 54 aircraft to grounded-since-last May GoAir finally got relief on several counts from the Delhi high court on Friday which directed the Directorate General of Civil Aviation (DGCA) to de-register these planes within a maximum of five working days.The revival of GoAir under IBC is now an even tougher task as the lessors are learnt to be wooed by both Tata’s Air India and cash-rich IndiGo to get around 15 of the Airbus A320 family planes which could fairly quickly…
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Category: Go Air
DGCA directed to process deregistration of leased planes, airline may lose all leased aircraft
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In a major setback for Go First, the Delhi High Court has directed civil aviation regulator Director General of Civil Aviation (DGCA) to process the deregistration applications of aircraft leased by the airline with in five working days.
Justice Tara Vitasta Ganju refused the request of the Resolution Professional…
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Why EaseMyTrip CEO Nishant Pitti wants to own an airline and make movies too
Why EaseMyTrip CEO Nishant Pitti wants to own an airline and make movies too
GoFirst’s last stand with two suitors in the wings: Understanding airline insolvency in India | Latest News India
Earlier this week, the National Company Law Tribunal (NCLT) 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 in the airline. PREMIUM Go first airlines (Representative Photo) {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}}…
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NCLT grants 60-day extension to Go First Airlines for insolvency resolution
Go first The National Company Law Tribunal (NCLT) at Delhi on April 8 granted another 60-day extension to Shailendra Ajmera, resolution professional (RP) of Go First Airlines, to complete the corporate insolvency resolution process (CIRP) of the company.A coram of judicial member Mahendra Khandelwal and technical member Sanjeev Ranjan allowed the extension keeping in mind the interests of the stakeholders. This extension will be effective till June 3.As per the Insolvency and Backruptcy…
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Go First gets lifeline as NCLT extends moratorium, again
NEW DELHI :In an attempt to revive bankrupt airline Go First, the National Company Law Tribunal (NCLT) on Monday approved another 60-day extension for its moratorium, aiming to give the airline additional time to finalize its corporate insolvency resolution process (CIRP).
The extension will be effective…
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go first: Go First creditors to take possession of pledged land parcel
Mumbai: Lenders to Go First have moved to enforce their rights to a 94-acre land parcel that was kept as collateral against loans taken by the bankrupt airline, even as they have sought more time from the National Company Law Tribunal to complete the resolution process.The lenders last week took symbolic possession of the land located in Thane, in the first step towards a likely auction of the property.”Symbolic possession means that physical possession is still with the company but lenders…
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Aviation Working Group downgrades India’s compliance outlook to ‘negative’ again over Go First row
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Aviation Working Group on April 2 issued a ‘negative’ compliance outlook for India with the projected score set to decline further after non-compliance of Cape Town Convention (CTC) and substantial losses to creditors under the Go First row.
In October last year, the group had upgraded India’s outlook to…
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‘Go First lenders yet to decide on bids, airline’s revival likely to be delayed’
A revival of Go First Airlines is set to get prolonged with creditors to the bankrupt airline likely to seek a third extension to the resolution timeline beyond the April 4 deadline even as formal negotiations with two final bidders are yet to commence.Both bidders had increased their bids earlier this month after initial scrutiny by lenders, necessitating an extension to complete negotiations, people familiar with the process said.“The committee of creditors (CoC) will meet either this…
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Bidders for India’s Go First tweak offers
The parties vying to take control of insolvent Go First (GOW, Mumbai International) have altered their bids ahead of a March 22 meeting when the administrator and lenders are expected to meet and assess the offers.
A partnership between Ajay Singh, managing director of SpiceJet (SG, Delhi International), and Nishant Pitti, CEO of online travel platform EaseMyTrip, had offered INR16 billion rupees (USD192 million), including INR2.9 billion (USD34.8…
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Source: https://www.ch-aviation.com/news/138416-bidders-for-indias-go-first-tweak-offers