Go First gets claims worth $2.9 billion from creditors

Go Airlines (India) Ltd has received claims worth 240 billion rupees ($2.9 billion) from operational and financial creditors so far as part of the carrier’s ongoing insolvency, two banking sources told Reuters.

The process is in line with procedural requirements under Indian law which allow every creditor a right to payment and remedy by submitting claims if a company is under bankruptcy. Once the claims are filed, the resolution professional has to check its authenticity.

“Claims from the lenders are around 50 billion rupees, while lessors’ claims amount to 180 billion rupees so far,” a banker with a state-run bank, who has exposure to Go Airlines said, after a meeting of the committee of creditors on Friday.