
DGCA to conduct Go First’s audit; asked to submit revival plan
Go First to submit operational details such as functioning aircraft, employees info, and funding arrangements
Go First to submit operational details such as functioning aircraft, employees info, and funding arrangements
The matter pertains to non-payment of dues by SpiceJet to its lessor Aircastle Ireland.
Lessors have sought de-registration of 44 aircraft operated by Go First.
The development comes months after IDBI Bank approached NCLT in December last year seeking an insolvency proceeding against the debt-laden media giant, in order to recover ₹149.60 crore dues.
It is the multiplicity of authorities, processes and legal battles that defeat the very objective, while punishment is not even a certainty
Lessor's plea to be heard by NCLAT bench today; to seek stay on insolvency proceedings that restrict lessors from taking back aircraft until moratorium is on
One player going bust makes bankers, lessors, vendors and all other stakeholders wary as the Indian aviation space is getting a reputation for frequent airline failures.
The airline had earlier suspended the sale of flight tickets till May 15.
Go First had filed for insolvency with Delhi bench of NCLT citing operational losses caused due to ever-increasing failure of Pratt & Whitney engines that power its fleet.
In the Aircastle issue, notice was issued in the normal course, and there was no adverse ruling against SpiceJet, said the budget airline