Lenders vote to liquidate defunct Go First airline faced with Rs 6,200 crore debt

By
Ziraat Times
-

Follow Ziraat Times on Whatsapp - Join Now

Mumbai, Aug 5: Defunct airline Go First’s committee of creditors (CoC)  have unanimously decided in favour of liquidating the company as bids by prospective resolution applicants were below expectations.

Go First owes its creditors around Rs 6,200 crore. Central Bank of India, Bank of Baroda, and IDBI Bank are some of the secured creditors of the airline, with admitted claims of Rs 1,934 crore, Rs 1,744 crore, and Rs 75 crore, respectively.

According to reports, a private bank, which has a small exposure to the airline, pushed for the proposal which is through and the airline will be recommended for liquidation soon.

Previously, the National Company Law Tribunal (NCLT) had extended the insolvency process of the debt-laden airline until August 3. It had instructed the CoC and the resolution professional to adhere strictly to this deadline with no further extensions.

Go First had filed for voluntary bankruptcy in May last year.

Since then, lessors were battling with the airline, lenders and the resolution professional to take possession of their aircraft.

 

RELATED ARTICLESMORE FROM AUTHOR

703 COMMENTS

  365. 989764 899677This really is genuinely interesting, Youre a quite skilled blogger. Ive joined your rss feed and appear forward to seeking much more of your magnificent post. Also, Ive shared your internet site in my social networks! 686068

  433. Online medicine order [url=https://fastfromindia.com/#]Fast From India[/url] Fast From India
    reputable indian online pharmacy

  437. I wanted to post you the very small word in order to say thanks a lot yet again for your personal exceptional basics you’ve shared here. It’s really generous of people like you giving without restraint precisely what many individuals would’ve marketed as an electronic book in order to make some bucks for themselves, most importantly given that you could possibly have tried it if you considered necessary. Those ideas also worked as the good way to recognize that other people have similar eagerness the same as my very own to figure out a lot more with respect to this problem. Certainly there are millions of more enjoyable moments in the future for individuals who look over your site.

  462. This is a very good tips especially to those new to blogosphere, brief and accurate information… Thanks for sharing this one. A must read article.

  519. Игровой автомат — это развлечение Рё шанс.: balloon казино – balloon казино играть

  534. Автоматы Ballon поражают своей красочностью.: balloon казино – balloon казино официальный сайт

LEAVE A REPLY

Please enter your comment!
Please enter your name here