Go First’s lenders seek 60-day extension in insolvency process amid potential suitors’ interest Republic World
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Category: Go Air
Go First’s lenders to seek extension of insolvency process by 60 days – sources
MUMBAI: Lenders to India’s Go First are looking to seek an extension of the insolvency process by another 60 days amid interest from potential suitors, two banking sources said. Under the country’s Insolvency and Bankruptcy Code, the National Company Law Tribunal (NCLT) has the authority to extend the resolution timeframe to a maximum of 330 days. Go First, which filed for bankruptcy in May last year, would have been under the resolution process for 270 days as on Feb. 4. The beleaguered…
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India Go First’s lenders to seek extension of insolvency process by 60 days – sources
Go First, which filed for bankruptcy in May last year, would have been under the resolution process for 270 days as on Feb. 4.
The beleaguered airline has received expressions of interest from SpiceJet promoter Ajay Singh, UAE-based Sky One and Busy Bee, said the sources, who did not want to be identified as they are not authorised to speak to the media.
“Formal expressions of interest and bank guarantees have been submitted by the three suitors and they will need 15-20 more days to…
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P&W to deliver new A320neo engines to IndiGo, GoAir by 4Q17
IndiGo Airlines (6E, Delhi International) and GoAir (Mumbai International) are set to receive engine replacements from Pratt & Whitney for their grounded A320neo aircraft by the end of September, reports The Deccan Herald.
India’s Directorate General of Civil Aviation (DGCA) has already met with the US engine maker to seek assurances that they would be prioritised due to the high number of aircraft in the Indian market affected, as well as the…
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Source: https://www.ch-aviation.com/news/58972-pw-to-deliver-new-a320neo-engines-to-indigo-goair-by-4q17
India’s GoAir mulls widebody ops as int’l flights beckon
GoAir (Mumbai International) is set to begin widebody studies as it plots its future growth plans.
Newly appointed chief executive Cornelis Vrieswijk told a media gathering this week that the budget carrier will look at the oppurtunities widebody aircraft present in tandem with the prospect of entering the longhaul services market. No talks have yet been held with either Airbus (AIB, Toulouse Blagnac) or Boeing (BOE, Washington National) at…
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Source: https://www.ch-aviation.com/news/68703-indias-goair-mulls-widebody-ops-as-intl-flights-beckon
Is Go First headed for liquidation?
Creditors seem to be running out of options to revive the grounded airline, unless SpiceJet can pull off a surprise.SpiceJet doesn’t come across as a company that is doing well enough to acquire another. The Ajay Singh-led airline hasn’t turned a profit in five years and seems to be struggling to meet its payment obligations. Sure, it may have finally come into some money after the recent fundraising announcement. But the Rs 2,242 crore that it cobbled together from a long list of 64…
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Source: https://themorningcontext.com/business/go-firsts-unusual-suitors-point-to-a-certain-liquidation
NCLT defers Go First case to Feb 29, last effective hearing was in Nov 2023
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The National Company Law Tribunal (NCLT) on January 22 deferred the hearing of low-cost airline Go First’s insolvency plea to February 29, 2024.
The hearing was deferred after NCLT declared half a day holiday on January 22, owing to the ‘Pran Pratishta’ ceremony at Ayodhya Ram temple. It may be noted that the last…
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Flight Friday: How Has GoAir’s Failure Affected Indian Airlines?
This weeks’ #FlightFriday looks under the hood at Indian operator utilization.With the recent announcement by Akasa Air that it was behind a December 2023 undisclosed order for 150 Boeing 737 MAX aircraft, both -10’s and -8200’s, Akasa looks to be filling a gap left in the market after the demise of Go Air (‘Go First’ marketing name).Prior to Go Air ceasing operations in May 2023, it was operating, at its peak, almost 9,000 monthly flights. Akasa Air, which started commercial…
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Route Network Update for GoAir – ch-aviation
Route Network Update for GoAir ch-aviation
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Source: https://www.ch-aviation.com/news/97515-route-network-update-for-goair
Go First’s lenders seek investor bids by January 31: Report
MUMBAI : Lenders to Go First have…
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