Factbox: Indian carriers that have collapsed

Jet Airways (India)

02/05/2023 14:20

May 2 (Reuters) - Cash-strapped Indian airline Go First Airways filed for voluntary
insolvency resolution proceedings in the National Company Law Tribunal, blaming Pratt & Whitney
engines for the grounding of about half its fleet.
    The insolvency filing marks the first major airline collapse in the country since Jet
Airways filed for bankruptcy in 2019, and underscores the fierce competition in the sector.
    
    Following are some details on other troubled Indian carriers:
    
    Jet Airways, once India's largest private airline, stopped flying after running out of cash
in April 2019. It owed about 180 billion Indian rupees ($2.20 billion) to its creditors. Despite
being cleared to resume commercial flights in May last year, the airline's comeback has been
dragged by differences between its current owners, a consortium led by UAE-based businessman
Murari Lal Jalan and London-based Kalrock Capital, and lenders over the resolution plan. Its
Chief Executive Officer designate Sanjeev Kapoor quit the company last week, broadcaster
CNBC-TV18 reported.
    
    Indian tycoon Vijay Mallya-owned Kingfisher Airlines ceased flying from 2012 after posting
multiple quarters of losses following the merger with low-cost carrier Air Deccan. Kingfisher
owed its lenders, including State Bank of India  SBI.NS , 90 billion rupees. Lenders have since
recovered some of the dues owed by Mallya, who was sentenced by India's top court to four months
in jail for refusing to disclose his assets after defaulting on dues owed to banks.




($1 = 81.8310 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))