Liquidation is looming for India’s Go First after a court order granted permission for lessors to repossess their all Airbus fleet, with a source at a creditor bank indicating that there is no value left in the defunct carrier.
India’s Directorate General of Civil Aviation (DGCA) has deregistered all 54 dry-leased aircraft placed at Go First by lessors such as ACG, Amck Aviation, Cdb Aviation, Goshawk Aviation, JSA and SMBC following its collapse in May 2023, with creditor claims totalling INR65.21bn accepted by the airline’s administrators.
An Airbus 320 leased to Dublin based Pembroke has already been returned to the lessor.
The Committee of Creditors (COC), consisting of four major banks, has sought to sell Go First to recoup funds, with recent low-value bids prompting dissatisfaction. Offers came from Sky One and a team including EaseMyTrip founder Nishant Pitti and SpiceJet CEO Ajay Singh.
The decision to liquidate Go First or sell it will be made after the COC votes, expected to happen following the rejection or withdrawal of the buyout offers.
