Go Airlines Archives - Defence Monitor

10 May

NCLT admits Go Airlines’ petition

Chennai, May 10 (IANS) The National Company Law Tribunal (NCLT) on Wednesday admitted the voluntary insolvency petition filed by the Wadia group's low cost airline Go Airlines (India) Ltd and appointed Interim Resolution Professional (IRP). The Principal Bench of NCLT, New Delhi also declared moratorium for the company and directed the suspended Board of Directors to cooperate with the IRP. Blaming the global aircraft engine maker Pratt & Whitney of not providing spare engines for defective ones resulting in the grounding of nearly half of its fleet, Go Airlines had approached NCLT with a petition for resolution on May 2, 2023.…

09 May

Possibility of rival bids for Go Airlines? It is a hypothetical question: Kaushik Khona

Chennai, May 9 (IANS) Even though the Wadia group has approached the National Company Law Tribunal (NCLT) voluntarily to protect their leased planes from being repossessed, there exists the risk of other interested groups bidding for Go Airlines (India) Ltd, said Supreme Court advocate. "The risk of some other interested group making a bid for Go Airlines that may be attractive for the creditors is always there. Go Airlines might have gone to NCLT voluntarily with an intention to retain its assets, but the risk of facing rival bids does hang over the promoters heads like the Damocles sword," D. Varadarajan,…

08 May

Go Airlines got premium refund for grounded aircrafts

Chennai, May 8 (IANS) With 50 per cent of its fleet grounded due to the problems with Pratt & Whitney engines, the Wadia group's low cost Go Airlines (India) got a portion of its aircraft hull insurance premium from its insurers, said a top official. The airlines' total fleet size is 54 aircraft, out of which 27 have been grounded for more than a year, Kaushik Khona, Chief Executive Officer, Go Airlines, told IANS. "Last year, we got a refund of the premium paid for covering the aircraft hull. The refund was about 70 per cent. The insurer was New India…