The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, concluding the 21-month-long insolvency proceedings against the budget airline.
The bankrupt airline landed in the bankruptcy court in May 2023. The airline held a 6.9% market share in India’s aviation sector at the time but was left with no viable assets after the Delhi high court allowed lessors to repossess its fleet of 54 planes.
In its 26 April order, the Delhi high court ordered the Directorate General of Civil Aviation (DGCA) to deregister all the airline’s leased planes following a plea from several lessors who sought to reclaim their assets.
The order left the airline without planes, prompting the interested buyer, a consortium involving…
