DelhiDesk Indian airline Go First, owned by the Wadia Group, has appealed to the National Company Law Tribunal (NCLT) for several interim directions, including restraining lessors from taking back their aircraft. The airline, which has a liability of INR11,463 crore ($1.5bn), has cancelled all flights for three days from 3 May and has applied for voluntary insolvency resolution. Go First has said that more than half of its fleet is grounded due to non-supply of engines by Pratt & Whitney. The NCLT will hear the appeal on 6 May.
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Here is the news bullets sorted by DelhiBreakings.com team.
👉 GoFirst, an airline providing affordable services, has appealed to the NCLT due to cash crunch.
👉 The airline wants the NCLT to restrain the lessors of aircraft from taking back their aircraft.
👉 The DGCA should not take any coercive action, according to the appeal.
👉 The Wadia Group-owned airline has a liability of Rs 11,463 crore and has applied for voluntary insolvency resolution process.
👉 Go First has canceled all its flights for three days from May 3.
👉 The Delhi bench of NCLT will hear the appeal of Go First on Thursday.
👉 The airline wants fuel suppliers to continue to supply for aircraft operations.
👉 More than half of GoFirst’s fleet is grounded due to non-supply of engines by Pratt & Whitney.
👉 The total liability on the airline is Rs 11,463 crore, including the amount of Rs 3,856 crore defaulted in repaying to operational creditors.
👉 The dues of aircraft leasing companies are Rs 2,600 crore.
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