Delhi High Court has instructed the Director General of Civil Aviation (DGCA) to process Go First, previously known as Go Air, aircraft deregistration applications within five working days, posing a significant setback for the airline.
Go First Insolvency
The potential recovery of the grounded Indian low-cost carrier Go First may encounter obstacles if a court upholds aircraft lessors demands.
The deadline for submitting initial expressions of interest to bid for the financially troubled Go First is expected to be extended by an additional two to three weeks due to the absence of any such applications from potential buyers.
The challenges for grounded airlines Go First and Jet Airways continue escalating as both airline’s IATA code were revoked due to their non-operational status.
Go First (G8), had a hard time this week as Lessors were allowed to inspect its aircraft engines, failed talks with Delhivery, and more employees resigned from the airline.
Go First (G8) airlines have sought immediate funding of ₹100 crores from its lenders to address pressing financial obligations, including essential liabilities such as insurance.
According to a court filing with the US District Court of Delaware, Go First (G8), the crisis-hit Indian airline, has been denied emergency arbitration in its dispute with Pratt and Whitney, the US engine maker, as reported by news agency Reuters on July 27.
A resolution professional overseeing the insolvency process for Go First (G8) has initiated the next phase by inviting an Expression of Interest (EOI) for the sale of the carrier, as reported in an advertisement in ET on Monday.
According to sources familiar with the matter, the Wadia Group intends to secure funds promptly to revive its insolvent airline, Go First
the NCLT is scheduled to hear two petitions for insolvency proceedings against Go First (G8), which is currently awaiting a ruling on its voluntary insolvency resolution plea.