The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, marking a dramatic end to the airline’s 17-year legacy in the Indian aviation industry. The decision follows the airline’s prolonged financial struggles, which led to the suspension of its operations nearly three years ago. In May 2023, Go First filed for insolvency, citing severe financial distress, and subsequently entered into an insolvency resolution process that ultimately failed to find a sustainable solution.

A 17-year legacy of Service

Go First, formerly known as Go Air, had…

Its remaining assets include a 94-acre land parcel in Thane, valued at Rs 3,000 crore, an Airbus training facility in Mumbai and its headquarters. The CoC had appointed Dinkar Venkatasubramanian as liquidator. Go First, promoted by the Wadia family, stopped flying on May 3, 2024, a day after it filed for bankruptcy.

A financial crisis due to non-supply of engines by Pratt & Whitney (P&W) that led to the grounding of about half of its fleet forced them to take this extreme step, the airline had said. Busy Bee Airways, majority-owned by EaseMyTrip’s founder Nishant Pitti, along with SpiceJet Chief Ajay Singh, had put in a bid for Go First last year. However, the bid was withdrawn following the Delhi High Court order.

Go First Airlines Enters Liquidation After Failing to Secure Revival Plan

Go Airlines (India) Ltd, known as Go First, has been admitted into liquidation by the National Company Law Tribunal (NCLT) in Delhi. This marks the end of the airline’s turbulent journey, with financial struggles and an unsuccessful attempt to revive its operations.

The bankruptcy court’s decision comes after the airline’s lenders, through a resolution professional (RP), failed to receive any viable proposals to resuscitate the company. The NCLT bench, led by judicial member Mahendra Khandelwal and technical member Sanjeev Ranjan, approved the application to initiate the liquidation process. The airline has admitted liabilities of approximately Rs 8,575 crore,…

Li and Qin departed New Zealand shortly before the share transfer.

Grant and Botterill said the pair also withdrew funds from the company’s account, although no figure is disclosed.

The liquidator’s financial analysis found Li had an overdrawn current account, and despite demands for repayment, no response was received.

Liquidators have, however, identified property owned by Li in New Zealand, and have obtained a court-issued charging order over the property in question “to bar the property being transferred or sold while we progress the claim”.

Grant and Botterill have also prepared and filed proceedings against the former director, engaged a creditor for a funding arrangement, and settled a…

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The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, the budget carrier that stopped flying nearly two years ago amid financial woes.

In May 2023, the airline filed for a voluntary insolvency resolution process. The tribunal, in a 15-page order, said it is ordering the liquidation of the corporate debtor Go Airlines (India) Ltd.

On Monday, the NCLT said the Committee of Creditors (CoC) in the legislative scheme is empowered to take the decision to liquidate the corporate debtor, at any time after its constitution and before confirmation of the resolution plan.

The order comes a little over two months after the Supreme Court, on November 7, ordered the liquidation of the once-storied airline Jet Airways.

Central bank urges banks to contact debtors eligible for ‘You Fight, We Help’ assistance

The Bank of Thailand has urged banks to proactively contact all eligible borrowers under the government’s “You Fight, We Help” debt relief scheme and to enhance communication efforts after a lower-than-expected number of debtors registered for the programme.

From Dec 12, 2024, to Jan 15, 2025, a total of 402,656 borrowers registered for the scheme, covering 454,232 loan accounts. However, the central bank estimates that about 1.9 million borrowers, with 2.1 million loan accounts, are eligible to join the programme, according to Suwannee Jatsadasak, assistant governor of…

Mumbai: The 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 Rs 8,575 crore.

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…

The latest liquidator’s report on a failed Whanganui meat company has done nothing to reassure farmers who are left tens of thousands of dollars out of pocket.

Waimarie Meats Limited was put into liquidation last May owing unsecured creditors almost $800,000, and an additional $300,000 to the Inland Revenue Department. 

The list of unsecured creditors extends to businesses and farmers throughout the lower North Island. 

The latest liquidators’ report has confirmed these creditors are unlikely to see any of what they are owed repaid from the company proceeds.

Secured creditors are listed as Kiwibank and weigh tech company ScaleLogic of Whanganui, claiming all “present and after…