NCLT grants Go First a 60-day extension for insolvency proceedings
AVIATION & AIRPORTS

NCLT grants Go First a 60-day extension for insolvency proceedings

The National Company Law Tribunal has granted bankrupt airline Go First an extra sixty days to conclude its bankruptcy procedures. The timeframe for finishing Go First's insolvency resolution procedure was extended by the NCLT from April 8 by 60 days until June 3. Earlier, on April 4, the deadline was set.

According to persons with knowledge of the situation, the Delhi High Court's decision earlier this year to let lessors deregister and seize ownership of the 54 Go First aircraft has all but destroyed any chance that the bankrupt airline's creditors will receive a fair appraisal.

After that, the Go First resolution process encountered yet another obstacle when Busy Bee Airways, managed by Nishant Pitti of EaseMyTrip, abandoned its proposal to purchase the bankrupt airline. In February, Pitti-majority-controlled Busy Bee Airways and SpiceJet CEO Ajay Singh submitted a proposal for Go First.

Go First ceased operations on May 3, 2023, and on May 10, 2023, the NCLT granted its request for voluntary insolvency proceedings. Many of the company's aircraft had to be grounded owing to persistent problems with Pratt & Whitney engines, which was the main cause of the financial troubles that led to this decision.

Go First has around Rs 62 billion in debt to creditors. The acknowledged claims of the three secured creditors

"Central Bank of India, Bank of Baroda, and IDBI Bank" amount to Rs 19. billion, Rs 17.44 billion, and Rs 0.75 billion, respectively.                                                                                                                                              

The National Company Law Tribunal has granted bankrupt airline Go First an extra sixty days to conclude its bankruptcy procedures. The timeframe for finishing Go First's insolvency resolution procedure was extended by the NCLT from April 8 by 60 days until June 3. Earlier, on April 4, the deadline was set.According to persons with knowledge of the situation, the Delhi High Court's decision earlier this year to let lessors deregister and seize ownership of the 54 Go First aircraft has all but destroyed any chance that the bankrupt airline's creditors will receive a fair appraisal.After that, the Go First resolution process encountered yet another obstacle when Busy Bee Airways, managed by Nishant Pitti of EaseMyTrip, abandoned its proposal to purchase the bankrupt airline. In February, Pitti-majority-controlled Busy Bee Airways and SpiceJet CEO Ajay Singh submitted a proposal for Go First.Go First ceased operations on May 3, 2023, and on May 10, 2023, the NCLT granted its request for voluntary insolvency proceedings. Many of the company's aircraft had to be grounded owing to persistent problems with Pratt & Whitney engines, which was the main cause of the financial troubles that led to this decision.Go First has around Rs 62 billion in debt to creditors. The acknowledged claims of the three secured creditorsCentral Bank of India, Bank of Baroda, and IDBI Bank amount to Rs 19. billion, Rs 17.44 billion, and Rs 0.75 billion, respectively.                                                                                                                                              

Next Story
Infrastructure Transport

India to Form Consortium, Launch Bharat Shipping Line to Boost Trade Ties

India plans to establish a consortium involving equity participation by public sector enterprises to bid for operating overseas port asset. The stakeholders in this entity, tentatively named Bharat Global, will include the Indian Port Rail & Ropeway Corporation, Sagarmala Development Company, and the Shipping Corporation of India (SCI). A senior official remarked, “The consortium will replicate the Chabahar port model in other strategic locations.” India also plans to operationalise Bharat Container Shipping Line as a vertical within SCI to mitigate global trade disruptions. The move ali..

Next Story
Infrastructure Energy

NTPC Group Reaches 350 BU Mark in 295 Days, 11 Days Before FY24

NTPC Group has set a new record in power generation, achieving 350 Billion Units (BU) of electricity production in the financial year 2024-25. This milestone was reached on January 20, 2025, marking the fastest accomplishment of this scale in the company’s history. It was achieved in just 295 days, which is 11 days earlier than the same milestone achieved in the previous financial year on January 31, 2024. The company boasts an installed capacity of 76.5 GW and has 29.5 GW of capacity under construction. This includes 9.6 GW of renewable energy projects, highlighting NTPC's focus on clean e..

Next Story
Infrastructure Transport

Indian Railways Collaborates with Sparsh CCTV for Station Security

Sparsh CCTV, a leader in electronic surveillance, has teamed up with Indian Railways to enhance security and operational efficiency for the newly inaugurated Jammu Railway Division. This partnership coincides with the launch of three new trains, marking a historic step in improving connectivity between Kashmir and the rest of India. Sparsh CCTV previously played a key role in securing the Maha Kumbh at Prayagraj, ensuring the safety of millions of pilgrims. Sparsh’s comprehensive surveillance solutions have been vital in the success of the Udhampur-Srinagar-Baramulla Rail Link (USBRL), a pr..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000