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.
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After a Singapore tribunal’s ruling for Pratt & Whitney (P&W) to provide Go First (G8) with five engines monthly until December, both parties engage in negotiations for a new lease agreement.
As part of the ongoing insolvency proceedings, Go First (G8) has received claims worth Rs 24,000 crore (US$2.9 billion) from both functional and monetary creditors.
The Directorate General of Civil Aviation (DGCA), India’s aviation regulator, has approved Go First (G8) Airlines’ plan to resume operations. However, the acceptance comes with certain conditions, as stated in a notification issued on Friday.
Wadia-owned Go First, the grounded airline since May 3, 2023, has decided to scale down its planned resumption of operations by nearly 30%.
Go First (G8) Airlines carried out the high-power engine ground run at the Delhi International Airport (DEL) yesterday (July 16, 2023).
The National Company Law Tribunal (NCLT) has permitted Go First (G8) to request to include one of its vendors, Blue Mushroom Infozone, in the Corporate Insolvency Resolution Process (CIRP).
The Directorate General of Civil Aviation (DGCA) is analyzing the report of a special audit of grounded Go First (G8), which is undergoing an insolvency resolution process.
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.
In a significant development for Go First (G8), a court in Singapore has ruled that engine manufacturer Pratt & Whitney must deliver five engines per month to the airline between August and December.