Go First Insolvency News

A two-member bench of NCLT directed the resolution professional (RP) to file an additional affidavit in the next 10 days, including the status of the maintenance of the leased Go First aircraft.

Go First Airline filed for bankruptcy at the National Company Law Tribunal (NCLT) and suspended its flight operations on May 3, 2023 due to rising losses.   

Go First Airline filed for bankruptcy at the National Company Law Tribunal (NCLT) and suspended its flight operations on May 3, 2023 due to rising losses. 

Citing operational reasons as a hindrance in flying, Go First has cancelled all of its flight till June 22, after the air carrier earlier cancelled all of its flight till June 19.

Airlines should devise a mechanism to ensure reasonable pricing within the high RBDs (Reservation Booking Designator), said Aviation ministry.

DGCA said it was not processing such requests following a moratorium on financial obligations and the transfer of assets of the crisis-hit airline in the wake of insolvency resolution proceedings.

NCLAT directed aircraft lessors to approach NCLT for any remedy in the Go First insolvency proceedings matters.

Go First Airline announced that the flights have been cancelled because of operational reasons, and a full refund will be initiated for the passengers through the original mode of payment.

Experts believe there is a possibility of more lessors putting in requests for the deregistration of planes leased to some other airline, thinking that they get stuck in litigation.

With the NCLT's decision in Go First's favour, the airline has got a sigh of relief for the near future; Here's what the decision means for the airline and its future.

According to the Go First airline, it was forced to apply to the NCLT after Pratt & Whitney, the exclusive engine supplier for its Airbus A320neo aircraft fleet.