As part of the carrier’s protracted insolvency, Go First has requested investor interest in the company through a court-appointed administrator, according to a newspaper ad that appeared on Monday. The procedure complies with Indian law’s procedural criteria.
Reuters was informed on Monday by two bankers who are aware of the developments that they anticipate Indian conglomerate Wadia Group, which once owned Go Airlines before it filed for bankruptcy, to participate in the insolvency process.
But according to the Wadias, they haven’t told bankers directly what their intentions are. A request for comment from Reuters was not immediately answered by Go Airlines or Ness Wadia of the Wadia Group.
Go Airlines, the company that ran Go First, filed for bankruptcy protection in May, attributing the groundeding of roughly half of its 54 Airbus (AIR.PA) A320neos to “faulty” Pratt & Whitney engines. The assertions are false, according to the engine manufacturer.