Go Airlines Admitted into Liquidation by Bankruptcy Court
AVIATION & AIRPORTS

Go Airlines Admitted into Liquidation by Bankruptcy Court

The Delhi bankruptcy court has admitted Go Airlines (India) Ltd, which operates Go First airline, into liquidation after creditors failed to secure a viable revival plan. The company’s liabilities are reported to be approximately Rs 85.75 billion. The National Company Law Tribunal (NCLT) division bench, comprising judicial member Mahendra Khandelwal and technical member Sanjeev Ranjan, approved the liquidation request filed by the lenders through the airline's resolution professional (RP). In its 15-page order, the tribunal stated, “The resolution plans received were neither compliant with the mandatory requirements of the Insolvency and Bankruptcy Code (IBC) nor commercially acceptable to the Committee of Creditors (CoC). Given the unviability of resuming commercial operations, the CoC opted for liquidation of the corporate debtor.” The airline’s financial struggles began in May 2023 when its promoter, the Wadia Group, filed for voluntary bankruptcy, citing delays in engine deliveries from Pratt & Whitney. Go Airlines was subsequently placed under the corporate insolvency resolution process. By September 2024, the CoC applied for liquidation after failing to identify a viable recovery strategy. The tribunal appointed Dinkar T. Venkatasubramanian as the company’s liquidator, in line with the Insolvency and Bankruptcy Board of India’s circular issued on July 18, 2023. Go Airlines’ secured financial creditors include the Central Bank of India (Rs 19.34 billion), Bank of Baroda (Rs 17.44 billion), and IDBI Bank (Rs 7.74 billion). Unsecured financial creditors include Bombay Burmah Trading Corporation (Rs 908.8 million), Associated Biscuits International Ltd (Rs 4.13 billion), and Leila Lands Ltd (Rs 13.3 billion). Additionally, the airline owes approximately Rs 750 million to its employees. Under Section 10 of the IBC, companies can seek insolvency resolution through the tribunal. With the liquidation order, the company’s assets will be sold to repay creditors, said Ashish Pyasi, partner at Aendri Legal. (ET)

The Delhi bankruptcy court has admitted Go Airlines (India) Ltd, which operates Go First airline, into liquidation after creditors failed to secure a viable revival plan. The company’s liabilities are reported to be approximately Rs 85.75 billion. The National Company Law Tribunal (NCLT) division bench, comprising judicial member Mahendra Khandelwal and technical member Sanjeev Ranjan, approved the liquidation request filed by the lenders through the airline's resolution professional (RP). In its 15-page order, the tribunal stated, “The resolution plans received were neither compliant with the mandatory requirements of the Insolvency and Bankruptcy Code (IBC) nor commercially acceptable to the Committee of Creditors (CoC). Given the unviability of resuming commercial operations, the CoC opted for liquidation of the corporate debtor.” The airline’s financial struggles began in May 2023 when its promoter, the Wadia Group, filed for voluntary bankruptcy, citing delays in engine deliveries from Pratt & Whitney. Go Airlines was subsequently placed under the corporate insolvency resolution process. By September 2024, the CoC applied for liquidation after failing to identify a viable recovery strategy. The tribunal appointed Dinkar T. Venkatasubramanian as the company’s liquidator, in line with the Insolvency and Bankruptcy Board of India’s circular issued on July 18, 2023. Go Airlines’ secured financial creditors include the Central Bank of India (Rs 19.34 billion), Bank of Baroda (Rs 17.44 billion), and IDBI Bank (Rs 7.74 billion). Unsecured financial creditors include Bombay Burmah Trading Corporation (Rs 908.8 million), Associated Biscuits International Ltd (Rs 4.13 billion), and Leila Lands Ltd (Rs 13.3 billion). Additionally, the airline owes approximately Rs 750 million to its employees. Under Section 10 of the IBC, companies can seek insolvency resolution through the tribunal. With the liquidation order, the company’s assets will be sold to repay creditors, said Ashish Pyasi, partner at Aendri Legal. (ET)

Next Story
Infrastructure Urban

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Next Story
Infrastructure Transport

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Next Story
Infrastructure Transport

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?