Proposed Liquidator Named for India’s Go First Airlines
The National Company Law Tribunal (NCLT) in Delhi has been requested to appoint Dinkar Venkatasubramanian as the liquidator for Go First Airlines. A November 28 hearing saw the resolution professional propose Venkatasubramanian, a partner at Ernst & Young in Delhi, to oversee the liquidation process.
Shailendra Ajmera, the current resolution professional and also a partner at Ernst & Young, had previously sought the NCLT’s permission to serve as liquidator. However, the court denied this in October, citing a conflict of interest in holding dual roles. This led to the proposal of Venkatasubramanian as a replacement.
Go First, formerly known as GoAir, suspended operations in May 2023 amid financial turmoil. The airline’s administrator subsequently accepted creditor claims amounting to INR 65.21 billion (USD 771 million). Despite efforts to revive the carrier, including offers from potential buyers, no viable plans materialized, prompting the committee of creditors to vote for liquidation in August.
Liquidation proceedings formally began in September, following the NCLT’s directive. The tribunal is expected to make further determinations on the case during a hearing scheduled for December 6.
Go First’s collapse underscores the ongoing challenges in India’s competitive aviation market, where rising operational costs and intense competition have strained carriers’ financial health. The proposed appointment of a new liquidator marks a critical step in winding down the once-prominent airline’s operations.
Related News: https://airguide.info/?s=Go+First
Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com