Corrected: India tribunal orders liquidation of Go First airline, CNBC-TV18 reports

Bank of Baroda

20/01/2025 06:17

(Corrects paragraph 4 to say Go First filed for bankruptcy in
May 2023, not May last year)
       Jan 20 (Reuters) - An Indian tribunal has ordered the
liquidation of Go First Airways after a request from the
cash-strapped airline's lenders, CNBC-TV18 reported on Monday.
    Go First Airways did not immediately respond to a Reuters
request for comment.
    In August, Go First's lenders had decided to liquidate the
company's assets after rejecting bids by interested suitors to
revive the bankrupt airline, Reuters had reported, citing
sources.
    Go First had filed for bankruptcy in May 2023 and received
two financial bids under the bankruptcy process, with one of
them raising their offer after a push by lenders.
    The budget carrier owes a total of 65.21 billion rupees
($781.14 million) to its creditors, which include Central Bank
of India  CBI.NS , Bank of Baroda  BOB.NS , IDBI Bank  IDBI.NS 
and Deutsche Bank  DBKGn.DE .
    Foreign aircraft lessors of Go First were locked in a tussle
with the company after they were blocked from repossessing
planes due to a moratorium imposed by Indian courts. However, a
local court, in April, allowed them to take back their planes.

 (Reporting by Kashish Tandon in Bengaluru; Editing by Savio
D'Souza)
 ((Kashish.Tandon@thomsonreuters.com; 8800437922;))