Key Points
Online travel company EaseMyTrip's CEO Nishant Pitti on Saturday said the company has decided to withdraw its bid for airline to concentrate on its areas of strength...
Meanwhile, last month's order of the Delhi High Court allowing lessors to deregister and take possession of the 54 Go First planes has all but ended hopes of a good valuation for creditors of the defunct airline, said people with knowledge of the matter...
Ajay Singh, promoter of SpiceJet, and Pitti's EaseMyTrip had jointly bid for the airline.. People involved in the process had said Go Firsts committee of creditors (CoC) felt that the price offered by the two bidders was too low and their revival plan primarily hinged on monetary compensation from the case against engine maker Pratt & Whitney (P&W)...
Go First, formerly owned by the Wadia group, is embroiled in a legal battle with P&W at the Singapore Court of Arbitration in which the airline has claimed about Rs 8,000 crore compensation, blaming its bankruptcy to the failure of P&W engines forcing it to ground many aircraft...
Central Bank of India, Bank of Baroda and IDBI Bank are the secured creditors, with admitted claims of Rs 1,934 crore, Rs 1,744 crore and Rs 75 crore, respectively..
You might be interested in
Go First files for voluntary insolvency: What led to the crisis?
04, May, 23The airline has filed for bankruptcy, which could have ripples across the domestic aviation sector — raising passenger fares and triggering a rush among competitors to grab Go First’s market share.
Go First files for bankruptcy, owes over Rs 11,000 crore: Check debt breakdown
03, May, 23The airline’s total liabilities to all creditors stood at over Rs 11,000 crore. This includes dues to banks, financial institutions, vendors, and aircraft lessors.