Go First Bankruptcy

Go First airline's lenders will vote on a proposal to liquidate the insolvent Indian airline, two banking sources told Reuters on Thursday, days after a deadline to bid for the company ended with no suitors.

Earlier on May 2, Go First cancelled its flights and filed for voluntary bankruptcy before the National Company Law Tribunal (NCLT).

Last Friday, DGCA conditionally allowed the grounded airline Go First to resume its operations.

In a written reply to Rajya Sabha, Minister of State for Civil Aviation V K Singh said the Directorate General of Civil Aviation (DGCA) has received applications from lessors for the deregistration of a total number of 54 aircraft leased to Go First.

The airline operator filed for voluntary bankruptcy in early May before the National Company Law Tribunal.

Crisis-hit airline Go First on Wednesday announced that its scheduled flight operations will remain cancelled till June 25 due to operational reasons. Earlier, the airline said that operations would remain cancelled till June 22.

Two more aircraft lessors -- GY Aviation and SFV Aircraft Holding -- on Thursday moved appellate tribunal NCLAT against the order passed by the NCLT allowing Go First's voluntary plea to initiate insolvency proceedings.

The fate of the country's fourth-largest carrier Go Airlines (India) Ltd and its 7,000 employees is set to be decided on Wednesday, in a bankruptcy plea ruling that will also have major implications for foreign lessors trying to repossess planes.

A government bailout of cash-strapped Go Airlines (India) Ltd was unlikely unless something could be done about the supply of engines to the airline, which sought bankruptcy protection last week, a minister has said.

Lessors of 20 aircraft to the bankrupt airline Go First have asked the aviation regulator DGCA to deregister and return them.

Indian airline Go First, which filed for bankruptcy on Tuesday, owes financial creditors Rs 65.21 billion ($798 million), its bankruptcy filing showed.

As Go First Airlines grounded flights amid bankruptcy, passengers who booked their tickets with the airlines are left in the middle of nowhere.

The non-bank financing giant Dewan Housing Finance(DHFL) will go into insolvency proceedings, the central bank said on Wednesday, making it the first financial institution to test the new laws.

The last hopes of Swedish car maker Saab ever making a comeback can now by fully laid to rest, as parent company National Electric Vehicle Sweden (NEVS) has confirmed that it will not be using the brand name for its future range of vehicles.

Go First airline's lenders will vote on a proposal to liquidate the insolvent Indian airline, two banking sources told Reuters on Thursday, days after a deadline to bid for the company ended with no suitors.

Earlier on May 2, Go First cancelled its flights and filed for voluntary bankruptcy before the National Company Law Tribunal (NCLT).

Last Friday, DGCA conditionally allowed the grounded airline Go First to resume its operations.

In a written reply to Rajya Sabha, Minister of State for Civil Aviation V K Singh said the Directorate General of Civil Aviation (DGCA) has received applications from lessors for the deregistration of a total number of 54 aircraft leased to Go First.

The airline operator filed for voluntary bankruptcy in early May before the National Company Law Tribunal.

Crisis-hit airline Go First on Wednesday announced that its scheduled flight operations will remain cancelled till June 25 due to operational reasons. Earlier, the airline said that operations would remain cancelled till June 22.

Two more aircraft lessors -- GY Aviation and SFV Aircraft Holding -- on Thursday moved appellate tribunal NCLAT against the order passed by the NCLT allowing Go First's voluntary plea to initiate insolvency proceedings.

The fate of the country's fourth-largest carrier Go Airlines (India) Ltd and its 7,000 employees is set to be decided on Wednesday, in a bankruptcy plea ruling that will also have major implications for foreign lessors trying to repossess planes.

A government bailout of cash-strapped Go Airlines (India) Ltd was unlikely unless something could be done about the supply of engines to the airline, which sought bankruptcy protection last week, a minister has said.

Lessors of 20 aircraft to the bankrupt airline Go First have asked the aviation regulator DGCA to deregister and return them.

Indian airline Go First, which filed for bankruptcy on Tuesday, owes financial creditors Rs 65.21 billion ($798 million), its bankruptcy filing showed.

As Go First Airlines grounded flights amid bankruptcy, passengers who booked their tickets with the airlines are left in the middle of nowhere.

The non-bank financing giant Dewan Housing Finance(DHFL) will go into insolvency proceedings, the central bank said on Wednesday, making it the first financial institution to test the new laws.

The last hopes of Swedish car maker Saab ever making a comeback can now by fully laid to rest, as parent company National Electric Vehicle Sweden (NEVS) has confirmed that it will not be using the brand name for its future range of vehicles.