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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Category: Go Air
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
India to see upto 6% more domestic & international flights this summer despite Pratt engine issues & GoAir grounding | India News
NEW DELHI: This summer could see slightly more domestic and international flights by Indian carriers despite over 75 IndiGo planes being grounded due to Pratt & Whitney’s unending engine issues; GoAir not flying since last may; less operations by SpiceJet and slower than expected supply of new planes from Boeing and Airbus due to global supply chain constraints.While India is the fastest growing aviation market globally, there are not enough planes to meet the demand as of now due to which…
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Sky One offers more money ahead of the bid review on Friday
The move has come before a likely meeting on Friday (March 22) when the lenders will review the bids on the table, according to a source.According to a person in the know, Sky One is now offering lenders ₹750 crore, compared to ₹410 crore earlier. The bidder has also already offered to pay lenders 25% of the amount received from the settlement in the Pratt and Whitney case. Jaideep Mirchandani, Chairman of Sky OneCNBC-TV18 previously reported that GoFirst has received two bids for the…
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EaseMyTrip’s Pitti raises Go First bid by Rs 150 crore
NEW DELHI: EaseMyTrip founder Nishant Pitti has raised by another Rs 150 crore his joint bid for Go First (earlier GoAir) along with SpiceJet chairman & MD Ajay Singh. The initial bid, with Pitti providing the funding and Singh operational know-how, is learnt to have been Rs 500-600 crore, say sources.However, with the erstwhile Wadia group airline owing creditors, including banks, Rs 6,521 crore, the committee of creditors reportedly asked Pitti to relook the same. And now, the combined bid…
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