Go First hopes to begin operations within the next two weeks, according to the most recent information. The airline has been given bankruptcy protection by the New Delhi bench of the National Company Law Tribunal (NCLT), allowing it to keep its aircraft and parking spaces at the airport and prohibiting lessors and suppliers from collecting outstanding debts.
The airline is now working with Abhilash Lal of Alvarez & Marsal, an interim resolution specialist who was chosen by the NCLT on May 10. To enable Go First’s resumption, the resolution specialist is anticipated to broker a deal between the lessors and the airline. The resolution specialist will meet with senior management and staff of the airline in the upcoming days with the intention of approaching the Ministry of Civil Aviation and Directorate General of Civil Aviation to request authorization to restart operations.
With over 20 aircraft, Go First plans to resume operations and fly 1,200 trips each week. As part of the negotiations around the insolvency resolution plan, the airline intends to progressively expand its operations.
The CEO of Go First, Kaushik Khona, expressed relief at the NCLT’s judgement, adding that it keeps an airline from going out of business and highlighting the fact that the insolvency processes are meant to make resurrection possible. The following stages, according to Khona, would entail negotiations with the resolution specialist about reimbursements and the restart of flights.
Go First filed an emergency petition with the Delaware Federal Court on April 28 in order to get a court order compelling Pratt & Whitney (P&W) to abide by two arbitral rulings made by the Singapore International Arbitration Centre (SIAC) prior to the NCLT decision. The SIAC had instructed P&W to provide at least 10 functional engines to Go First by April 27 and the remaining engines before the end of the year. The SIAC issued a second arbitral judgement on April 15 to reinforce its order for P&W to complete the engine supply since P&W had not complied.
Go First declared on May 2 that company has submitted a request for voluntary insolvency resolution procedures with the NCLT, Delhi, citing severe financial restrictions.
Please be aware that the details are based on news stories that were accessible as of September 2021, the time of my most recent knowledge update. For the most recent information on the state of Go First, it is essential to consult the most recent news sources.
