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

13 Jun 2024 CW Team

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.

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