Jindal Power withdraws bid, pushing Go First closer to liquidation

23 Nov 2023 CW Team

Sources informed Reuters that Jindal decided against submitting a bid after a thorough evaluation of Go First's financial statements. Although the deadline for takeover bids could be extended through a court application, current indications suggest that creditors are not inclined to pursue such an extension, as mentioned by two banking sources.

One source explained, "The Expression of Interest was primarily aimed at assessing the airline's valuation and gaining access to the company's data. Following the evaluation, the company has chosen not to proceed with a bid." The sources, who preferred to remain anonymous as they lacked authorisation to speak to the media, revealed this information.

As of the time of reporting, Jindal Power and Go First's resolution professional had not responded to email inquiries seeking comments.

Go First filed for voluntary insolvency in May and currently owes a total of 65.21 billion rupees ($785.6 million) to its creditors. Some bankers had pinned their hopes on Jindal's interest, but it seems that these hopes have not materialised, according to a banker from a lender with exposure to Go First.

The Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank are among the major creditors of the airline. A meeting is scheduled for Wednesday to determine the next steps, according to another banker, who also spoke on condition of anonymity.

Both bankers conveyed that the liquidation of the airline appears to be the most likely outcome due to the absence of serious bidders. Meanwhile, banks are assessing a property held as collateral with lenders in the event of liquidation.

Go First is currently entangled in a legal dispute with its lessors, who were barred from repossessing planes due to a moratorium imposed by Indian courts. Although a recent amendment to India's insolvency rules permits lessors to reclaim planes, a court has yet to decide whether this change can be retroactively applied to Go First.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Jindal Power, the sole company whose expression of interest in acquiring Go First was accepted by creditors, has opted not to proceed with a bid, according to three individuals familiar with the matter. This decision brings the financially troubled airline closer to the prospect of liquidation. Sources informed Reuters that Jindal decided against submitting a bid after a thorough evaluation of Go First's financial statements. Although the deadline for takeover bids could be extended through a court application, current indications suggest that creditors are not inclined to pursue such an extension, as mentioned by two banking sources. One source explained, The Expression of Interest was primarily aimed at assessing the airline's valuation and gaining access to the company's data. Following the evaluation, the company has chosen not to proceed with a bid. The sources, who preferred to remain anonymous as they lacked authorisation to speak to the media, revealed this information. As of the time of reporting, Jindal Power and Go First's resolution professional had not responded to email inquiries seeking comments. Go First filed for voluntary insolvency in May and currently owes a total of 65.21 billion rupees ($785.6 million) to its creditors. Some bankers had pinned their hopes on Jindal's interest, but it seems that these hopes have not materialised, according to a banker from a lender with exposure to Go First. The Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank are among the major creditors of the airline. A meeting is scheduled for Wednesday to determine the next steps, according to another banker, who also spoke on condition of anonymity. Both bankers conveyed that the liquidation of the airline appears to be the most likely outcome due to the absence of serious bidders. Meanwhile, banks are assessing a property held as collateral with lenders in the event of liquidation. Go First is currently entangled in a legal dispute with its lessors, who were barred from repossessing planes due to a moratorium imposed by Indian courts. Although a recent amendment to India's insolvency rules permits lessors to reclaim planes, a court has yet to decide whether this change can be retroactively applied to Go First.

Infrastructure Urban

02 Jun 2026

VECV Sales Rise 7.8 Per Cent In May 2026

VE Commercial Vehicles recorded sales of 7,978 units in May 2026, compared to 7,401 units in May 2025, registering growth of 7.8 per cent. This included 7,789 units from the Eicher brand and 189 units from the Volvo brand.Eicher branded trucks and buses reported sales of 7,789 units during the month, up 7.3 per cent from 7,258 units a year earlier. In the domestic commercial vehicle market, Eicher sales rose 9.1 per cent to 7,375 units from 6,758 units in May 2025.Exports declined 17.2 per cent to 414 units from 500 units in the corresponding month last year. Volvo Trucks and Volvo Buses recor..

Infrastructure Urban

02 Jun 2026

Table Space Strengthens DESYN Leadership Team

Table Space has announced strategic leadership appointments within DESYN, its integrated Design and Build business, as it looks to strengthen operations across key enterprise and GCC markets in India. DESYN was launched as a strategic extension of Table Space’s workspace solutions portfolio to meet rising demand for agile, high-quality and rapidly deployable enterprise workspaces.Shruti Ookabhoy has joined DESYN as Executive Director and will lead the Design vertical, focusing on design capability, operational excellence and team development across markets. She brings over 22 years of experi..

Infrastructure Transport

02 Jun 2026

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..