-
Busy Bee Airways is already in talks to acquire Go First’s trademarks and flying licence for around Rs 1,000 crore. EaseMyTrip had also shown interest in reviving GoFirst earlier.
-
Go First, which owes Rs 6,200 crore to creditors, has been grounded since May 2023.
-
On April 26, the Delhi High Court ordered the Directorate General of Civil Aviation (DGCA) to deregister planes leased to Go First within five working days, providing significant relief to the lessors.
-
SpiceJet promoter Ajay Singh and Busy Bee Airways promoter Nishant Pitti had submitted a joint bid in their personal capacity in February.
-
The airline is now aircraft-less after the Delhi High Court on April 26 directed the aviation regulator DGCA to deregister the aircraft. Subsequently, DGCA deregistered all of the crisis-hit airline's 54 aircraft in the first week of May.
-
The government had temporarily allocated the flying rights of Go First in the Winter Schedule for 2023 and Summer Schedule for 2024, and these are likely to be made permanent by the end of the month
-
On April 26, Delhi HC directed DGCA to process deregistration applications of aircraft leased by the airline within five working days
-
"There is no value left in the airline after the court order and chances of revival seem very grim," one of the bankers said.
-
Go First stares at the risk of losing all 54 of its leased aircraft unless the company's resolution professional secures a stay within five working days.
-
India’s score as of now is 50, which comes under the “low category”, the group said.
-
IndiGo will be operating 13.82 per cent more flights at 13,050 in the summer schedule, while Air India will increase its weekly departures by 4.59 per cent to 2,278.
-
The Ajay Singh-Nishant Pitti consortium has also proposed to increase its upfront payment to around Rs 500 crore, from around Rs 290 crore earlier, said a source.
-
Meanwhile, the HC has directed the RP to file a reply to its show cause notice asking why contempt of court proceedings should not be initiated against him.
-
Airlines in India have to deal with various costs such as high jet fuel prices, high leasing costs, (Indian airlines pay annual lease rents of about Rs 10,000 crores to lessors) and several charges to airport operators, such as separate charges for landing, route navigation, parking, terminal, fuel, and royalty.
-
The RP has not been asked to be present in the court now but must now respond to the court as to why contempt should not be initiated against him.
-
Justice Tara Vitasta Ganju also noted that the RP must tell the court on March 6 if he is willing to handover the maintenance of the aircraft to the lessors or a third party agency.
-
Two bids have been submitted for Go First - one from a consortium led by SpiceJet chief Ajay Singh and Nishant Pitti from Busy Bee Airways, and the second from Sharjah-based Sky One
-
Go First in India receives two financial bids in bankruptcy process, as stated by bankers present at creditors' meeting on Friday.
-
The consortium has put forth a proposal that includes the acquisition of Go First for Rs 1,000 crore backed by collateral and a corporate guarantee
-
On January 29, the HC asked SpiceJet to pay $4 million by February 15. However, the airline paid only $2 million by the deadline citing financial constraints and urged an extension till February 29.
-
Three parties have, so far, shown interest in taking over Go First and also deposited earnest, the resolution professional has told NCLT
-
The hearing was deferred after NCLT declared half a day holiday on January 22, owing to the 'Pran Pratishta' ceremony at Ayodhya Ram temple
-
Go First’s bankruptcy filing lists Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank among creditors to which the carrier owes a total of 65.21 billion
-
A round-up of top newspaper stories to keep you ahead of others.
-
The Resolution Professional (RP) and the lessor are discussing on engaging a third party agency to maintaining the aircrafts and collating the documents relating to it
