Key Points
Creditors to bankrupt Go First Airlines have unanimously voted to allow fresh proposals from prospective resolution applicants (RAs) to take over the defunct airline, more than a month after receiving no submissions in a process that ended in November...
Three - Sharjah-based aviation company Sky One, Africa-focussed Safrik Investments and budget airline SpiceJet - had submitted expressions of interest (EoIs) last month...
Two more entities - US-based NS Aviation and Plan IT, which is a consortium of individuals - also subsequently expressed interest in submitting proposals, said two people familiar with the process...
"All these applicants will now have to submit a bank guarantee of Rs 5 crore and give a formal EoI to participate in the process," said one of the persons..
Lenders are pursuing arbitration proceedings in Singapore against P&W, continuing the process started by Go First's erstwhile management seeking more than $1 billion from the company, blaming it for supplying faulty engines that were not replaced on time, resulting in the grounding of half the airline's fleet and pushing it toward bankruptcy..
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Go First lenders can check out new offers
07, Jan, 24Among the creditors, a large public sector bank which is a key creditor wants more time since the approval to extend the process needs to be ratified by its board. So voting lines are still open for everyone, though some of the creditors have already voted, said a person aware of the process.
Ajay Singh, Sky One and Busy Bee file firm bids for Go First
24, Jan, 24SpiceJet promoter Ajay Singh, Sky One, and Busy Bee have submitted the bank guarantee and expression of interest for bankrupt Go First Airlines. The lenders may extend the resolution process deadline by two months. Singh applied individually, while Busy Bee is a new applicant associated with Plan IT. Safrik Investments and NS Aviation did not submit guarantees. The three entities will receive more information on Go First to develop a formal plan. Creditors may vote again to extend the resolution timeline beyond the current deadline.
Go First may face forensic scrutiny
18, Jun, 23Forensic audit to be triggered if transactions raise concerns.The airline decided to move NCLT, terming it a result of the ‘ever-increasing number of failing PW engines’
IBBI discussion paper suggests changes in insolvency process for personal guarantors to corporate debtors
05, Oct, 23Calls for appointment of common resolution professional for the two; experts welcome move
Go First’s RP Shailendra Ajmera seeks Rs 425 crore in interim finance to restart airline
24, Jun, 23The proposal for funds was put up to the committee of creditors of Go First at a meeting that took place earlier this week. The committee of creditors includes Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank.
Delhi HC allows Go First lessors to inspect aircraft, carry out maintenance
05, Jul, 23The high court said there can be no denial of the fact that the aircraft of the petitioner lessors are highly valuable and sophisticated equipment and require maintenance for their preservation
Go First moves NCLT, says total dues to creditors at over ₹11k crore
03, May, 23Go First approached the NCLT on May 3, 2023 and sought the admission of its insolvency plea. It owes creditors ₹11,463 crore, the airline said in its insolvency filing.
RCap resolution plan hits roadblock as bidders upset over another auction plan
26, Mar, 23The insolvency process of RCAP has been going on for more than 450 days, which is much longer than the statutory time limit of 330 days.
NCLT allows Go First RP’s appeal to extend resolution timeline by 90 days
23, Nov, 23The National Company Law Tribunal has extended the timeline for Go First's resolution professional's appeal by 90 days until February 4, 2024. The extension was necessary due to the current situation and the need for a month for the lone bidder, Naveen Jindal, to complete due diligence, ET reported at the time. However, Jindal Power has decided to scrap its bid for the grounded carrier, per reports.
Go First flights cancelled until May 9; DGCA directs airline to process refunds to passengers
04, May, 23The Directorate General of Civil Aviation (DGCA) said the Go First has suspended the sale of tickets till May 15 and is working to refund or reschedule existing bookings for future dates