DelhiDesk GoFirst, an Indian airline owned by the Wadia Group, has appealed to the National Company Law Tribunal (NCLT) to restrict lessors of its aircraft from taking them back and to prevent the Directorate General of Civil Aviation (DGCA) from taking any coercive action. The airline, which is facing a cash crunch, has liabilities of INR11,463 crore ($1.5bn) and has applied for voluntary insolvency resolution. More than half of its fleet is grounded due to a lack of engine supply from Pratt & Whitney. The NCLT will hear the appeal on Thursday. Three lenders have offered to restructure the company’s loan with a longer repayment period.
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Here is the news bullets sorted by DelhiBreakings.com team.
👉 GoFirst appeals to NCLT for interim directions due to cash crunch
👉 Requests NCLT to restrain aircraft lessors from taking back planes
👉 Asks DGCA not to take any coercive action
👉 GoFirst has a liability of Rs 11,463 crore and has applied for voluntary insolvency resolution process
👉 Airline cancels all flights for three days from May 3
👉 Crisis arose due to non-supply of engines by Pratt & Whitney
👉 Total liability includes dues of aircraft leasing companies of Rs 2,600 crore
👉 Three lenders ready for loan restructuring with longer tenure for repayment
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