+
NCLT grants Go First a 60-day extension for insolvency proceedings
AVIATION & AIRPORTS

NCLT grants Go First a 60-day extension for insolvency proceedings

The National Company Law Tribunal has granted bankrupt airline Go First an extra sixty days to conclude its bankruptcy procedures. The timeframe for finishing Go First's insolvency resolution procedure was extended by the NCLT from April 8 by 60 days until June 3. Earlier, on April 4, the deadline was set.

According to persons with knowledge of the situation, the Delhi High Court's decision earlier this year to let lessors deregister and seize ownership of the 54 Go First aircraft has all but destroyed any chance that the bankrupt airline's creditors will receive a fair appraisal.

After that, the Go First resolution process encountered yet another obstacle when Busy Bee Airways, managed by Nishant Pitti of EaseMyTrip, abandoned its proposal to purchase the bankrupt airline. In February, Pitti-majority-controlled Busy Bee Airways and SpiceJet CEO Ajay Singh submitted a proposal for Go First.

Go First ceased operations on May 3, 2023, and on May 10, 2023, the NCLT granted its request for voluntary insolvency proceedings. Many of the company's aircraft had to be grounded owing to persistent problems with Pratt & Whitney engines, which was the main cause of the financial troubles that led to this decision.

Go First has around Rs 62 billion in debt to creditors. The acknowledged claims of the three secured creditors

"Central Bank of India, Bank of Baroda, and IDBI Bank" amount to Rs 19. billion, Rs 17.44 billion, and Rs 0.75 billion, respectively.                                                                                                                                              

The National Company Law Tribunal has granted bankrupt airline Go First an extra sixty days to conclude its bankruptcy procedures. The timeframe for finishing Go First's insolvency resolution procedure was extended by the NCLT from April 8 by 60 days until June 3. Earlier, on April 4, the deadline was set.According to persons with knowledge of the situation, the Delhi High Court's decision earlier this year to let lessors deregister and seize ownership of the 54 Go First aircraft has all but destroyed any chance that the bankrupt airline's creditors will receive a fair appraisal.After that, the Go First resolution process encountered yet another obstacle when Busy Bee Airways, managed by Nishant Pitti of EaseMyTrip, abandoned its proposal to purchase the bankrupt airline. In February, Pitti-majority-controlled Busy Bee Airways and SpiceJet CEO Ajay Singh submitted a proposal for Go First.Go First ceased operations on May 3, 2023, and on May 10, 2023, the NCLT granted its request for voluntary insolvency proceedings. Many of the company's aircraft had to be grounded owing to persistent problems with Pratt & Whitney engines, which was the main cause of the financial troubles that led to this decision.Go First has around Rs 62 billion in debt to creditors. The acknowledged claims of the three secured creditorsCentral Bank of India, Bank of Baroda, and IDBI Bank amount to Rs 19. billion, Rs 17.44 billion, and Rs 0.75 billion, respectively.                                                                                                                                              

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code