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
The Wadia group owns Go First, but the airline has filed for insolvency resolution due to its inability to meet financial obligations. The airline has cited the “faulty engines” from US company Pratt & Whitney as the reason for grounding 50% of its fleet. CEO Kaushik Khona has confirmed that the airline has submitted an
According to sources, the Indian government has established a committee with the aim of transforming Delhi Airport into an international hub, similar to Dubai and Doha airports. A transit hub is a type of airport that airlines use to direct passenger traffic and manage flight operations, making it a transfer point for travelers before reaching
India has announced its plans to join the International Civil Aviation Organisation’s (ICAO) Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) and the Long-Term Aspirational Goals (LTAG) from 2027. The Parliament’s Consultative Committee of the Ministry of Civil Aviation announced at a meeting held in New Delhi on May 2nd, 2023. Minister of Civil
