{"id":11050,"date":"2023-12-19T11:10:24","date_gmt":"2023-12-19T08:10:24","guid":{"rendered":"https:\/\/aviation-news.info\/?p=11050"},"modified":"2023-12-19T11:10:24","modified_gmt":"2023-12-19T08:10:24","slug":"indias-go-first-in-talks-with-some-lessors-while-others-sue","status":"publish","type":"post","link":"https:\/\/aviation-news.info\/?p=11050","title":{"rendered":"India’s Go First in talks with some lessors while others sue"},"content":{"rendered":"

Air aviation news – Go First<\/a>\u00a0(GOW,\u00a0Mumbai International<\/a>) is in talks with four of its lessors in a bid to retain some aircraft, the LCC’s legal counsel told the Delhi High Court on December 14, 2023. Meanwhile, during the hearing, counsel for other lessors told the court that the airline’s administrator, Shallendra Ajmera, could not\u00a0adequately maintain<\/a>\u00a0their stranded assets, and the court said the administrator’s records were “completely in disarray.”<\/p>\n

Appearing for Go First’s administrator, known locally as a resolution professional, Diwakar Mahes\u00adhwari disclosed that one of the four lessors the airline was in talks with was\u00a0SMBC Aviation Capital<\/a>. Go First leases its entire 53-strong fleet from 12 different lessors. The LCC\u00a0ceased operations<\/a>\u00a0in early May, saying on-running problems with “defective and failing engines\u201d manufactured by\u00a0Pratt & Whitney<\/a>\u00a0had caused a cash flow crisis. In July,\u00a0ch-aviation reported<\/a>\u00a0that lessors wanted to recover every aircraft.<\/p>\n

Excluding SMBC, the lessors are\u00a0Aviation Capital Group<\/a>,\u00a0BOC Aviation<\/a>,\u00a0CCB Financial Leasing<\/a>,\u00a0CDB Aviation<\/a>,\u00a0DAE Capital<\/a>,\u00a0ICBC Financial Leasing<\/a>,\u00a0Jackson Square Aviation<\/a>,\u00a0Maverick Aviation Partnership<\/a>,\u00a0Merx Aviation Finance<\/a>,\u00a0Minsheng Financial Leasing<\/a>, and\u00a0SKY Leasing<\/a>. At least five of these lessors (or special purpose vehicles controlled by them) are attempting to have Go First declared insolvent in India’s bankruptcy court, the National Company Law Tribunal (NCLT), while the Delhi High Court is used to settle other disputes between stakeholders, including enforcing\u00a0orders made<\/a>\u00a0in other courts.<\/p>\n

Lessors unwilling to negotiate with Go First or Ajmera told the court last week that neither party can adequately look after their assets. \u201cIs this airline even capable of doing a test flight today without risk to life and limb?” counsel for one lessor asked the court. \u201cThese aircraft are million-dollar assets.” At least one lessor is trying to initiate contempt proceedings against Ajmera in the same court for failing to follow previous court orders regarding aircraft maintenance.<\/p>\n

Justice Tara Vitasta Ganju agreed that the lack of ongoing aircraft maintenance was “a problem” for all parties. However, the judge criticised Ajmera over his record keeping, saying they “were completely in disarray, to put it mildly.” The judge adjourned the matter until December 20.<\/p>\n

Separately, Ajmera advised the court that none of Go First’s 2,278 employees are reporting for work. He did not say why, but it is possibly because no salaries have been paid for the past six months. Late last month, Go First’s CEO Kaushik Khona resigned, saying no serious bidders have emerged to salvage the LCC in the seven months since it filed for insolvency. Billionaire industrialist Naveen Jindal had run the ruler over the airline but has since\u00a0dropped any plans<\/a>\u00a0to buy and relaunch it. India’s Money Control reports that\u00a0SpiceJet<\/a>, Sharjah’s Sky One, and Africa-focused Safrik Investments have expressed some interest in acquiring Go First. It is not known whether Khona classified these three entities as non-serious. Meanwhile, earlier this week, the airline cancelled all flights through February 4, 2024.<\/p>\n

source: https:\/\/www.ch-aviation.com\/portal\/news\/135225-indias-go-first-in-talks-with-some-lessors-while-others-sue<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Air aviation news – Go First\u00a0(GOW,\u00a0Mumbai International) is in talks with four of its lessors in a bid to retain some aircraft, the LCC’s legal counsel told the Delhi High Court on December 14, 2023. Meanwhile, during the hearing, counsel for other lessors told the court that the airline’s administrator, Shallendra Ajmera, could not\u00a0adequately maintain\u00a0their …<\/p>\n","protected":false},"author":1,"featured_media":11051,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpscppro_dont_share_socialmedia":null,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"","_twitter_share_type":"","_linkedin_share_type":"","_pinterest_share_type":"","_linkedin_share_type_page":"","_instagram_share_type":"","_medium_share_type":"","_threads_share_type":"","_google_business_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[96,102],"tags":[],"class_list":["post-11050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aviation-world","category-featured-en"],"yoast_head":"\nIndia's Go First in talks with some lessors while others sue - aviation news<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aviation-news.info\/?p=11050\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India's Go First in talks with some lessors while others sue\" \/>\n<meta property=\"og:description\" content=\"Air aviation news – Go First\u00a0(GOW,\u00a0Mumbai International) is in talks with four of its lessors in a bid to retain some aircraft, the LCC’s legal counsel told the Delhi High Court on December 14, 2023. 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