The National Company Law Appellate Tribunal (NCLAT) on Monday upheld the National Company Law Tribunal (NCLT) order which had admitted Go First Airlines' voluntary plea for insolvency
Amid concerns from lessors in the wake of Go First insolvency proceedings, aircraft maker Airbus on Thursday said the industry expects the government to expedite the alignment of domestic laws with international conventions and treaties.
Union Minister Jyotiraditya Scindia on Thursday said that the Go First insolvency matter is "not a great thing for civil aviation" and said that the Ministry wants a resumption of flights as soon as possible.
NCLAT on Friday deferred the matter pertaining to Go First lessors' petition seeking a stay on a bankruptcy court order allowing voluntary insolvency of the low-cost airline to Monday.
AWG should focus on ensuring that its own members abide by international arbitration awards rather than issuing threatening watch list notices to India and quoting the Cape Town Convention (CTC) to influence the proceedings currently being heard in the National Company Law Appellate Tribu
On the Go First issue of bankruptcy, US aircraft manufacturer company Boeing India on Friday said these are unfortunate circumstances for the airline, the lessors, travellers and for all the stakeholders.
SpiceJet has initiated the process of reviving its grounded fleet with the USD 50 million funds received by the airline from the government's Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals.
On Wednesday, the NCLT admitted Go First's plea for voluntary insolvency and admitted for the initiation of Corporate Insolvency Resolution Process (CIRP) proceedings. NCLT has granted Go First protection under a moratorium from recovery by lessors and lenders.
"Go First's allegations that Pratt & Whitney is responsible for its financial condition are without merit. Pratt & Whitney will vigorously defend itself against Go's claims, and is pursuing its own legal recourse," Pratt & Whitney Spokesperson told ANI.
Go First CEO Kaushik Khona met DGCA officials right after the National Company Law Tribunal (NCLT) in its judgement on Wednesday admitted the plea of Go First Airlines for insolvency proceedings.