Two more aircraft lessors — GY Aviation and SFV Aircraft Holding — on Thursday moved appellate tribunal NCLAT against the order passed by the NCLT allowing Go First’s voluntary plea to initiate insolvency proceedings. SMBC Aviation Capital, which is one of the world’s largest aircraft leasing companies, already moved NCLAT on Wednesday, hours after the […]
Category: Civil Aviation
Go First needs to raise funds: Resolution professional tells staff
Go Airlines (India) will need to raise funds to revive the bankrupt company amid plans to keep it as a going concern, the recently appointed resolution professional informed staff on Thursday, a source with direct knowledge of the matter told Reuters. The low-cost carrier, recently rebranded as Go First, was granted bankruptcy protection by a […]
Go First’s bank loans to be classified as ‘bad’, but has strong collaterals
Lenders to Go Airlines (India) Ltd will classify their loans to the company as “non performing” in the current quarter, but are hopeful that the collateral backing the credit would reduce the amount of haircut they have to take, two banking sources said on Thursday. The low-cost carrier was granted bankruptcy protection by a company […]
NCLAT to hear SMBC Aviation’s plea against NCLT order on Go First today
The National Company Law Appellate Tribunal (NCLAT) will today hear the plea filed by aircraft lessor SMBC Aviation Capital Ltd challenging the National Company Law Tribunal’s (NCLT) order allowing the insolvency of Go First. SMBC Aviation Capital, formerly RBS Aviation Capital, is one of the world’s largest aircraft leasing companies. Soon after the NCLT allowed […]
InterGlobe Aviation nears record high; stock surges 20% in one month
Shares of InterGlobe Aviation, which runs the country’s largest airline IndiGo, hit a fresh 52-week high of Rs 2,247, up 1 per cent on the BSE in Thursday’s intra-day trade. In the past seven trading days, the stock has rallied 9 per cent after Go First filed for bankruptcy. The stock price of IndiGo was […]
IndiGo plane diverted to Indonesia after crew reports fuel smell mid-air
A Singapore-bound IndiGo flight was diverted to Kualanamu international airport at Medan in Indonesia after the crew reported rubber and fuel smell in the cabin, according to the Directorate General of Civil Aviation. “Indigo A320CEO aircraft VT-IAN, flight 6E1007 (Tiruchirappalli-Singapore) was diverted to Kualanamu (Indonesia) on Tuesday as cabin crew reported rubber and fuel smell […]
Go First likely to resume flights on May 24 with fewer aircraft: Report
Go First is expected to restart flights by May 24 with 23 aircraft but with a smaller operation, The Economic Times (ET) reported on Thursday. Till May 2, the airline was operating 27 aircraft. The airline has also discussed plans to resume flights with the Centre. Go First had officially suspended the sale of tickets […]
NCLT admits Go First’s insolvency plea, puts it under moratorium
The Delhi Bench of the National Company Law Tribunal (NCLT) on Wednesday accepted Go First’s insolvency plea, resulting in the airline being put under a moratorium in accordance with the Insolvency and Bankruptcy Code (IBC). “The application of the Corporate Applicant (Go First) is admitted. As a necessary consequence, the moratorium in terms of Section […]
NCLT admits Go First’s plea for voluntary insolvency, appoints IRP
The National Company Law Tribunal (NCLT) on Wednesday admitted Go First’s plea for voluntary insolvency and initiate a corporate insolvency resolution process (CIRP). It appointed Abhilash Lal as the interim resolution professional (IRP) and asked him to keep the company as a going concern. It has also put the company under protection of moratorium and […]
Akasa Air’s occupancy soars at fastest pace among peers in April
Akasa Air’s plane occupancy, or load factor, improved the most among all major carriers in April compared to the last month. Load factor signifies the percentage of seats that the airline has been able to fill in its planes. The Vinay Dube-led carrier, which started commercial flights in August last year, saw its load factor […]
Tata group, IndiGo hold talks to snap up planes, airport slots of Go First
India’s biggest conglomerate and largest airline are in talks to take Airbus SE planes from Go First after the carrier filed for insolvency protection and was ordered to stop selling tickets. Tata group and IndiGo are holding separate negotiations with Go First’s lessors, as well as discussing landing and parking slots with airport operators, including […]
Govt to decide on Go First bankruptcy, lessors seeking planes fear impact
The fate of India’s fourth-largest carrier Go Airlines (India) Ltd and its 7,000 employees is set to be decided on Wednesday, in a bankruptcy plea ruling that will also have major implications for foreign lessors trying to repossess planes. The low-cost carrier, recently rebranded as Go First, has said its financial crisis was sparked by […]