India’s National Company Law Tribunal (NCLT) has approved the liquidation of Go First, which is owned by the Wadia Group and has debts totaling approximately INR110 billion (USD1.27 billion).
The decision for liquidation followed a unanimous resolution from the committee of creditors during their 37th meeting on July 23, 2024; Go First had ceased flying in May 2023.
Despite attempts to revive the airline, including two bids for its assets, both were deemed inadequate, leading to the September 2024 resolution to liquidate.
Go First’s debts include substantial amounts owed to lenders, vendors, lessors, travel agents, customer refunds, and pandemic loans, with remaining key assets located in Mumbai and Thane valued at around INR30 billion (USD347.2m. The key remaining assets are an Airbus training facility in Mumbai, its headquarters.
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. An Airbus 320 leased to Dublin based Pembroke has already been returned to the lessor.
Go First’s debts include
- USD755m owed to its four primary lenders,
- USD231.5m owed to aircraft lessors,
- USD116m owed to vendors,
- USD69.4m owed to travel agents,
- USD57.9m owed in customer refunds,
- USD149.5m in pandemic loans yet to be repaid to the Indian government.
