NCLT To Hear Two Insolvency Petitions Against Go First

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NCLT To Hear Two Insolvency Petitions Against Go First

| Updated: May 8, 2023 15:00

The Indian aviation sector boasts overwhelming numbers. According to India Brand Equity Foundation, the country “has become the third-largest domestic aviation market in the world and is expected to overtake the UK to become the third-largest air passenger market by 2024. Indian aviation also contributed 5% of the GDP, creating a total of 4 million jobs. In addition to it, there is a US$ 72 billion gross value-added contribution to GDP by this industry.”

It’s ironic that several airlines have had to suspend operations or were forced to consolidate. Kingfisher, Jet Airways, Paramount Airways, Air Deccan and MDLR spring to mind.

Go First is the latest to join the list of cash-strapped airlines. The airline has already pleaded to the National Company Law Tribunal (NCLT) for an interim moratorium.

The tribunal, according to a business daily, will hear two additional insolvency petitions filed against the airline today. A transport services provider has filed a petition for Rs 3 crore while a pilot claimed over Rs 1 crore in unpaid dues.

The Wadia group-owned airline’s total liabilities amount to Rs 11,463 crore, it’s reported. Go First has sought assistance to restrain aircraft lessors from initiating recovery action as well as inhibiting aviation watchdog DGCA and suppliers of essential goods and services from taking extreme steps, the report added.

Additionally, it has urged the Directorate General of Civil Aviation (DGCA), Airports Authority of India (AAI) and private airport operators to not cancel any departure and parking slots allotted to the organisation. Among its other pleas, the airline wants fuel supply to manage its operations and no hindrances in honouring the present contracts. 

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