On Thursday, Piyush Goyal, the Commerce and Industry Minister, expressed his desire to see greater involvement of US-based company Boeing in India. This comes after the recent large order of planes received by Tata Group-owned Air India from the American firm. In February, Air India announced the purchase of 470 narrow-body and wide-body planes from
According to SpiceJet CEO Ajay Singh, there is a need for more reasonable airfares in the country. He also addressed concerns about a potential increase in airfares due to Go First’s voluntary insolvency filing, stating that it is a “temporary phenomenon.” Singh expressed his hope that the airline can use this situation to resolve its
On Thursday, Go First, owned by the Wadia group, requests several interim measures from the National Company Law Tribunal (NCLT), including preventing lessors from reclaiming planes and the regulator DGCA from taking any negative action against the airline, which is in crisis. The airline, which has liabilities amounting to Rs 11,463 crore, requested voluntary insolvency
Sources report that Indian Oil Corp is set to recover $61.14 million owed to them by Go First for jet fuel sales. This will be achieved by cashing in the bank guarantees provided by the cash-strapped airline. Furthermore, IOC is hopeful that they will recover an additional $6.11 million owed to them for unsecured sales
SpiceJet, the Indian budget carrier, is set to revive 25 grounded aircraft with the help of a Rs 400 crore credit line from the government. The plan comes as Go First, another airline, filed for bankruptcy on Tuesday, creating a void in the market. The funding for the aircraft’s revival will come from the government’s
Go First, the embattled airline that filed for bankruptcy on Tuesday owes Rs 6,521 crore to Indian banks, including Bank of Baroda and IDBI Bank, who are among its financial creditors. According to the bankruptcy filing, the Central Bank of India and Deutsche Bank are also creditors of the airline. Go First Following the news,
Several private airlines in India have had a similar fate – they took off swiftly, only to eventually crash or be acquired by others. Some of the more prominent names include Chennai, NEPC Airlines, Damania Airways, Jet Airways, Kingfisher Airlines, Deccan Aviation, and Paramount Airways. Despite the setbacks, a few airlines have managed to continue
Civil Aviation Minister Jyotiraditya Scindia stated that the government has provided all possible assistance to the crisis-stricken airline, Go First, which has filed for insolvency and canceled flights on May 3rd and 4th. A severe financial crisis has been grappling with the airline as the unavailability of Pratt & Whitney engines has grounded over half
On Tuesday, Civil Aviation Minister Jyotiraditya Scindia emphasized the need for patience and adherence to the judicial process in the case of Go First, a budget airline facing financial difficulties due to engine supply issues. Scindia stated that the Indian government is assisting the airline in every possible manner to resolve the issue and is
Go First, owned by the Wadia group, made headlines today as it filed for voluntary insolvency with the NCLT due to its struggle with pending payments to oil companies. The airline has suspended flights for May 3, 4, and 5, as it has grounded over half of its planes, citing recurrent issues and non-supply of
