Insolvency petition a ruse for loan write-offs? Major bank union to oppose Go Airlines’ write-offs

The All India Bank Employees’ Association (AIBEA) will oppose banks writing off a part of their loans to Wadia group’s Go Airlines (India) Ltd if the latter has filed a voluntary insolvency petition for that purpose, said a top official.

“If the airline has filed a voluntary insolvency petition to get loan write-offs, then it is unethical and immoral. The AIBEA will oppose the move,” C.H. Venkatachalam, General Secretary, told IANS.