NCLT ends Go First's turbulent ride, steers co into liquidation
bankruptcy court in Delhi on Monday admitted Go Airlines (India) Ltd, which runs Go First airline, into liquidation after the lenders failed to receive a viable revival plan for the company. The company has admitted liabilities of about ₹8,575 crore.
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The NCLT division bench of judicial member Mahendra Khandelwal and technical member Sanjeev Ranjan, allowed the application filed by the company's lenders through resolution professional (RP) to initiate a liquidation process.
«The applicant (RP) submits that the resolution plans received were neither compliant with the mandatory requirements of the IBC (Insolvency and Bankruptcy Code) nor commercially acceptable to the CoC (committee of creditors), therefore, in view of the unviability of resuming commercial operations of the corporate debtor (Go Airlines), the CoC has opted for the liquidation of the corporate debtor,» according to the 15-page order.
The budget airline's financial troubles began when its promoter, the Wadia Group, filed for voluntary bankruptcy in May 2023, citing delays in securing engines from Pratt & Whitney. Subsequently, the company was admitted under the corporate insolvency resolution process.
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