In less than two weeks, the Directorate General of Civil Aviation (DGCA) has received at least 50 requests for repossessing as many leased planes from two Indian airlines, triggered by one of them filing for voluntary insolvency. The panic has been triggered by earlier experiences of Indian airlines turning bankrupt and lessors left fighting to get back their aircraft. The admission of Go First’s insolvency case by the National Company Law Tribunal (NCLT) and the Indian government’s warning to the lessors insisting on taking back their machines has only stiffened the approach of the latter to the Indian market that they were so enthusiastic about this far.
