MUMBAI- The deadline has passed for potential buyers to submit Expressions of Interest (EOI) for India’s Go First, and three notable entities, including a prominent local corporation and at least one foreign airline, have reportedly done so before the October 7, 2023, cutoff date.
Go First updates
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.
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.
MUMBAI- Wadia-owned airline Go First (G8) has requested emergency funding of Rs 100 crore from its creditors to ensure financial stability.
On Thursday (July 3, 2023), the Delhi High Court ruled that the concept of scheduled maintenance does not encompass the operation of aircraft, and it prohibited the financially distressed airline Go First (G8) from discontinuing maintenance flights.
On Monday (July 31, 2023), the National Company Law Tribunal (NCLT) issued notices to the Committee of Creditors of Go First and the insolvency regulator IBBI regarding a plea to refund ₹ 597.54 crore to approximately 15.5 lakh passengers who had booked tickets for travel on and after May 3.
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.
Wadia-owned Indian LCC, Go First (G8) today (25 July 2023), conducted the first test flight since its grounding on May 3 from the Mumbai Airport (BOM).