Wadia Group

Our specially curated package of the most interesting articles to help you stay at the top of your game.

Wadia Group stays away from Go First insolvency process

Cash-strapped Go First filed for bankruptcy in May, blaming ”faulty” Pratt & Whitney engines for the grounding of about half its fleet.

Wadia Group seeks partners to bid for Go First: Report

A joint bid for the airline is being discussed by the group with financial investors such as private equity funds and alternative investment funds.

MC Exclusive: Go First looking at three fleet-size options to restart operations

The airline’s plans hinge on whether aircraft lessors will be allowed to take back their planes.

NCLT's decision to admit Go First's insolvency riles lessors and vendors, leaves employees confused

GoFirst's employees are concerned about their salaries if they stick with the airline through its insolvency resolution process, while its lessors are concerned about their lease payments and have even approached the National Company Law Appellate Tribunal (NCLAT) to contest the order by the NCLT.

Go First's resolution professional reassures employees that airline will restart operations

Go First will have to raise some funds in order to restart operations, the airline's resolution professional Abhilash Lal has told the employees

Go First hopes to restart operations in two weeks with 20 aircraft: Sources

Go First aims to operate around 1,200 flights a week and slowly increase operations while the ongoing legal battle with Pratt & Whitney ensues.

Go First's legal battle with P&W likely to be messy, drawn-out affair: Execs

Even if there is a resolution of the matter, P&W may not be able to supply engines for six months due to global supply chain issues, delaying Go First’s plans to resume flights

Had stopped taking bookings before DGCA notice, will respond in due course: Go First

Go First has cancelled all flights since May 3 and moved a plea with the NCLT to begin voluntary insolvency proceedings

Wait gets longer for Go First flyers as refunds hinge on fresh fund-raising

Those who booked through travel agents and online service providers will get precedence over those who bought their tickets on the airline’s website or app

DGCA orders Go First to stop selling air tickets with immediate effect

The DGCA has given Go First time till May 24 to respond after which a decision will be taken by the regulator on the airline's Air Operator Certificate.

Travel agents' body urge Go First to process ticket refunds using money in credit shell

The Travel Agents Federation of India (TAFI) has also urged Go First that the ticket refund amount be directly credited to the agents' bank accounts as many passengers are seeking refunds.

Present tense, future imperfect for employees as Go First heads for insolvency

Go First’s staff has to decide between staying with the airline or joining a rival at a lower salary in the absence of bargaining power

DGCA asks cash-strapped GoFirst to refund customers; bookings still available on OTAs

On May 2, Domestic budget carrier Go First announced that it has filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT), Delhi.

Go First proposes insolvency professional Abhilash Lal's name in bankruptcy plea

Incidentally, back in 2015, Jet Airways had appointed Alvarez & Marsal to revive the operations of the firm post the sale of a 24 per cent stake to Etihad Airways.

IOCL invokes Rs 500-crore bank guarantee by GoFirst, dues at Rs 50 crore now: Sources

According to sources, IOCL may consider selling fuel to GoFirst on a cash-and-carry basis going ahead when it resumes operations.

Why analysts are not surprised at Go First’s bankruptcy filing

The constant churn at the top was the first signal. Also, since the airline was being run with very few people manning various sections, when almost half the top team left, it hurt GoFirst heavily. Finally, like any business house, the Wadias will also be interested only in profitable ventures. GoFirst was never one.

Grounded GoFirst drives Bombay Burmah shares down 5%

Bombay Burmah Trading Corp holds 32.61 percent equity stake in budget carrier Go First.

Scheduled to fly GoFirst? Here's what you should do now

The airline had earlier stopped the sale of all flights on May 3 and 4, a decision that will impact 55,000-60,000 passengers. The subsequent insolvency filing with the NCLT is expected to impact a far higher number of passengers.

Wadia Group likely to entirely exit or offload significant stake in loss-making Go First: Report

In FY23, Go First took two loans worth Rs 203.5 crore under the government’s Emergency Credit Line Guarantee Scheme to deal with its cash crunch

Morning Scan: All the big stories to get you started for the day

A round-up of top newspaper stories to keep you ahead of others.

Is this the right time to board GoAir?

The airline is in a desperate situation if it is not even able to pay for its fuel. Its numbers don’t inspire confidence

GoAir files DRHP for IPO: Here's what the airline said about its competition

In the draft papers filed with market regulator SEBI, GoAir detailed how its performance compares with rival Indian carriers.

GoAir rebrands as Go First; promises cheaper fares, young fleet

GoAir is rebranding itself and aims for strong growth. The exercise involves expenditure but its planned IPO can help the low-cost carrier fly high after setbacks the aviation industry faced because of the pandemic

Britannia Industries resumes 100% production: Report

Many consumer goods majors had struggled during the initial days of the lockdown due to supply chain issues an shortage of staff.