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The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of budget air carrier Go First Airways two years after it shut flight operations and approached the court seeking voluntary insolvency.

A bench of NCLT comprising Judicial Member Mahendra Khandelwal and Technical Member Dr. Sanjeev Ranjan allowed an application for liquidation filed by the Committee of Creditors (CoC) of Go First.

“The application is allowed by ordering liquidation of the corporate debtor, namely M/s Go Airlines,” as per the NCLT order.

The court has appointed Dinkar Tiruvannadapuram Venkatasubramanian as the Liquidator.

In November, 2024, the Supreme Court of India also ordered the liquidation of Jet Airways after finding that the successful…

Go First, which filed for bankruptcy in May 2023, had a 6.9% market share in India’s aviation sector at the time. However, the airline’s assets were effectively wiped out after the Delhi High Court allowed lessors to repossess its fleet of 54 planes. 

While GoFirst is the second major airline to get grounded in the last 6 years, along with Jet Airways, there is likely no major impact on sentiments for the sector. India’s aviation growth story remains intact on the back of robust domestic demand and expansion by players like Air India, Indigo, and Akasa. Indian airlines have over 1500 aircraft on order, and the sector is set to grow.

Experts believe the government needs to…

The National Company Law Tribunal (NCLT) ordered the liquidation of now insolvent Go First Airways on Monday.

On May 2, 2023, the Go First budget airline’s owners – the Wadia Group – filed voluntary insolvency resolution proceedings before the NCLT sending shockwaves through the entire airline industry.

Issues with Pratt & Whitney

Go First was plagued by a peculiar problem – the purported failure of the jet engine manufacturer, Pratt & Whitney (PW), USA, to supply engines/spares for its aircraft that grounded nearly 40% of the fleet for several months before it was compelled to totally suspend operations from the first week of May 2023.

While the DGCA slapped a show-cause notice on the carrier for its abrupt actions that created havoc…

(Bloomberg) — Goldman Sachs Group Inc. pulled out of a $1 billion deal to help Ecuador refinance debt, due to internal risk-management controls.

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The Wall Street bank exited the transaction — a debt-for-nature swap that was completed last month — after an internal compliance review identified a possible conflict of interest that the bank then flagged to the relevant parties, Ecuador’s finance ministry told Bloomberg in a written response to questions.

Goldman exited just days before the deal was completed, the ministry said, but “we appreciate that its legal and compliance processes identified an internal risk of interest and were communicated to the various participants in a timely manner.”