Key Points
Go Firsts lessors are unhappy with the National Company Law Tribunals (NCLT) decision to admit the airlines voluntary insolvency plea, which granted protection to its assets under a moratorium...
Following the decision, the worlds second-largest aircraft lessor, SMBC Aviation Capital, warned that Indias decision to block leasing firms from reclaiming Go First planes will jolt the market and spark a confidence crisis, as per legal papers seen by news agency Reuters...
Not just SMBC, but firms such as Jackson Square Aviation and Bank of China Aviation also raised alarm after the NCLT admitted Go Firsts insolvency plea, giving the airline a lifeline to revive itself..
While a surge in traffic in India, the worlds third-biggest aviation market in the world, led to record jet orders, the failure of two major airlines Kingfisher Airlines in 2012 and Jet Airways in 2019 have made lessors apprehensive about the market...
Ahead of another hearing on Friday, SMBC told the tribunal that lessors and international aircraft owners see India as a risky jurisdiction for aircraft leasing after the failures of Jet and Kingfisher..
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11, May, 23Go First blamed its financial troubles on the grounding of half its fleet of 54 Airbus A320neo aircraft, due to "faulty" engines supplied by Pratt & Whitney. The U.S. firm says the claim is without merit.
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14, May, 23Currently, Indian carriers have around 700 planes and some of them, including Air India, are expanding their fleet. Most of the commercial aircraft in the country are operated through the sale and lease-back model, and there are concerns that developments related to Go First could push leasing costs higher.
GoAir aircraft repossession fiasco: Global leasing body downgrades India to ‘negative’
07, Dec, 23India Business News: Small, financially weak and startup Indian airlines could now find it costlier to lease aircraft — which in turn could mean higher airfares and negati
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26, Sep, 23A global aviation leasing watchdog has for the second time cut India's compliance rating with international leasing laws and kept the country on a watchlist with a negative outlook amid a dispute between local airline Go First and its aircraft lessors.
Go First: Fasten seat belts' sign has been on for a long while
05, May, 23Go First Airlines has filed a voluntary insolvency petition with India's National Company Law Tribunal (NCLT), in addition to a request for an interim moratorium on supplier payments. However, lawyers claimed that Indian airline lessors are expected to formally ask the aviation regulator to deregister Go Firsts planes, and take them back due to being default on ₹3,802 crore to aircraft lessors and vendors.
Lessors seek to take back possession of Go First planes, complicating rescue efforts
05, May, 23India Business News: Lessors, including GY Aviation Lease, SMBC Aviation Capital, and Pembroke Aircraft Leasing, have applied to India’s Directorate General of Civil Aviat
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19, Dec, 23The government is considering a two-month moratorium rule for the aviation sector to prevent lessors from immediately taking away aircraft of a bankrupt airline after default, thereby paralyzing its operations. The Ministry of Corporate Affairs (MCA) had exempted aircraft, helicopters, and engines from moratorium under the insolvency law in October.