NCLT Orders Liquidation of Go First

In a significant development for India's aviation industry, the National Company Law Tribunal (NCLT) has ordered the liquidation of Go First, formerly known as GoAir. This decision comes after the airline's lenders, including major banks like Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank, filed for liquidation due to the airline's inability to settle debts amounting to over Rs 6,521 crore.

The Wadia Group-owned airline ceased operations in May 2023 when it voluntarily filed for insolvency. Despite attempts to revive the airline under India's bankruptcy laws, no viable solution was found, leading to the lenders' decision to liquidate the company's assets in August last year.

A Glimpse into Go First's Journey

Go First took to the skies in 2005, around the same time as its competitors IndiGo and SpiceJet. Over its 18-year journey, the airline became a significant player in India's aviation sector. However, it now joins the ranks of defunct Indian airlines such as Air Deccan, Kingfisher, and Jet Airways, marking the end of an era for the company and its stakeholders.

As the aviation industry continues to navigate through turbulent times, the liquidation of Go First serves as a stark reminder of the challenges faced by airlines in maintaining financial stability and operational viability in a highly competitive market.