NCLT orders Go First airline’s liquidation

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NCLT orders Go First airline’s liquidation

The National Company Law Tribunal has disposed if the Go First Airways after the airline’s lenders demanded the action.

It went into insolvency in May 2023 which had charged to the tune of ₹6,521 crore ($781.14 million) it owed banks and other institutions like Central Bank of India, Bank of Baroda, IDBI Bank, Deutsche Bank among others.

In most instances, foreign aircraft lessors could not reclaim their planes due to a moratorium by an Indian court but were able to recover them in April 2024.

The issue of the liquidation order by NCLT is a substantial step in Go First’s insolvent case since attempts to find a suitable buyer in the stipulated period were unfruitful.

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