Tribunal Approves Liquidation of India’s Go First Airline

India’s National Company Law Tribunal (NCLT) has approved the liquidation of Go First, formerly owned by Wadia Group, due to debts amounting to INR110 billion (USD1.27 billion). The decision, based on a recommendation from the airline’s committee of creditors, was finalized during a January 20, 2025, hearing.

“The resolution was unanimously approved by the committee of creditors with 100% voting shares,” stated the tribunal, referring to a July 2024 meeting. Go First ceased operations in May 2023 after attempts to revive the airline failed.

Efforts to restart operations faced setbacks, including a Delhi High Court ruling mandating the deregistration and return of Go First’s leased fleet. Despite receiving two bids, including one from SpiceJet’s Ajay Singh, creditors deemed them insufficient, leading to the liquidation decision.

Go First’s liabilities include INR65.22 billion (USD755 million) owed to primary lenders, INR20 billion (USD231.5 million) to lessors, INR10 billion (USD116 million) to vendors, INR6 billion (USD69.4 million) to travel agents, INR5 billion (USD57.9 million) in customer refunds, and INR12.92 billion (USD149.5 million) in government pandemic loans.

Key assets, including an Airbus training facility, headquarters in Mumbai, and land in Thane valued at INR30 billion (USD347.2 million), were deemed insufficient for a relaunch.

The tribunal also approved replacing current resolution professional Shailendra Ajmera with Dinkar Tiruvannadapuram Venkatasubramanian, who will oversee the liquidation process. This marks the end of Go First’s operations and efforts to restructure the airline.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com