{"id":9944,"date":"2023-11-08T08:26:51","date_gmt":"2023-11-08T08:26:51","guid":{"rendered":"https:\/\/aviation-news.info\/?p=9944"},"modified":"2023-11-08T08:26:51","modified_gmt":"2023-11-08T08:26:51","slug":"go-first-lenders-seek-to-recover-up-to-30","status":"publish","type":"post","link":"https:\/\/aviation-news.info\/?p=9944","title":{"rendered":"Go First lenders seek to recover up to 30%"},"content":{"rendered":"

Lenders of Go First are expecting to recover around 25%-30% or Rs 1,600-1,900 crore of their exposure to the beleaguered airline, a senior banker told FE.<\/p>\n

This will come primarily from the parcel of land in Thane that the Wadia group has given as collateral to the banks.<\/p>\n

The grounded airline, which stopped flying from May 3, is undergoing an insolvency resolution process under the Insolvency and Bankruptcy Code (IBC), owes Rs 6,521 crore to the lenders including\u00a0Central Bank of India<\/a>,\u00a0Bank of Baroda<\/a>, Deutsche Bank, and\u00a0IDBI Bank<\/a>.<\/p>\n

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The recovery of 25%-30% is a little less than what the financial creditors have realised from the IBC process in FY23 at 36%. In the last couple of years, the recovery has improved from a dismal 17% in FY 21 and 23% in FY 22.<\/p>\n

Kaushik Khona, CEO of Go First, in his interaction with the media in May this year, had pegged the value of 94 acres of land at Rs 3,000 crore.<\/p>\n

This comes in the backdrop of the Ministry of Civil\u00a0Aviation<\/a>\u2019s (MCA) protection to a corporate debtor from the recovery of dues under the IBC through aircraft, helicopters and engines \u2013 a major relief for the aircraft lessors. However, from a lender\u2019s perspective, this was a significant setback.<\/p>\n

The aviation sector regulator, on November 3, informed the\u00a0Delhi High Court<\/a>\u00a0via an affidavit that the government directive exempting aviation leases from the bankruptcy moratorium should be applicable even to companies undergoing insolvency proceedings.<\/p>\n

Bankers are keeping their fingers crossed for the verdict of the Delhi High Court in this matter as it will decide the fate of the beleaguered airline. \u201cEverything depends on the judgment of the Delhi High Court. If the high court judgment comes that the lessors can take the aircrafts, then nothing will be left for us and liquidation will be the only option,\u201d another lender told FE. \u201cWithout aircrafts, there will be no airline,\u201d he added.<\/p>\n

The Committee of Creditors (CoC) of Go First held a meeting on Tuesday in which it decided to extend the deadline by 90 days for the resolution under Corporate Insolvency Resolution Process and not to release more funds to the airline. \u201cWe have agreed for the 90-day extension for the resolution, now the RP (Resolution Professional) will file a formal application with the National Company Law Tribunal,\u201d said the banker.<\/p>\n

As per the rules, the RP is required to approval of the CoC to file application with the NCLT.<\/p>\n

Source: https:\/\/www.financialexpress.com\/business\/airlines-aviation-go-first-lenders-seek-to-recover-up-to-30-3300189\/<\/p>\n","protected":false},"excerpt":{"rendered":"

Lenders of Go First are expecting to recover around 25%-30% or Rs 1,600-1,900 crore of their exposure to the beleaguered airline, a senior banker told FE. This will come primarily from the parcel of land in Thane that the Wadia group has given as collateral to the banks. The grounded airline, which stopped flying from …<\/p>\n","protected":false},"author":1,"featured_media":9945,"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":false,"_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":[98,102],"tags":[],"class_list":["post-9944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies","category-featured-en"],"yoast_head":"\nGo First lenders seek to recover up to 30% - 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=9944\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Go First lenders seek to recover up to 30%\" \/>\n<meta property=\"og:description\" content=\"Lenders of Go First are expecting to recover around 25%-30% or Rs 1,600-1,900 crore of their exposure to the beleaguered airline, a senior banker told FE. 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