The Indian low-cost airline Go First has not been able to operate a single flight for over six months. No buyer could be found during the regular deadlines of the insolvency proceedings. Now the carrier has been granted an additional reprieve.
Go First had to for financial reasons stop flight operations. Serious allegations were made against the engine manufacturer Pratt & Whitney, who was accused of being largely responsible for the misery. He quickly countered and explained, among other things, that the Indian carrier have a long-standing tradition of slow-moving payments.
Numerous lessors have now taken over the aircraft that was leased to Go First. zuruckgeholt. Many employees have already left the carrier and are employed by other companies. Management still exudes confidence that the low-coster can make a comeback.
So far, however, there isn't much to show, as no investor or buyer could be found within the regular 180-day period. The responsible court is now granting an extension of a maximum of 90 days. If it is not possible to get the company on its feet financially during this time, it should be liquidated.
February 4, 2024 is therefore the new deadline, because management must present solutions by this day. Given the complicated circumstances, the undertaking is likely to be extremely difficult. The maximum period that the court may grant from the day the insolvency proceedings are opened is 330 days.