Go first: The NCLT has ordered the liquidation

The NCLT has ordered the liquidation of debt-ridden Go First after the grounded airline failed to secure a viable resolution plan. The Committee of Creditors filed for liquidation in Sept 2024, with judgment reserved in Dec. NCLT has ordered the liquidation of Go First Airways following a request from the Committee of Creditors, with judicial and technical members presiding over the decision. Despite lessors' legal challenges and a clarified exemption from the Ministry of Corporate Affairs, the fleet's deregistration and liquidation were finalized by 2024. Go First, the Wadia Group-owned carrier, has filed for bankruptcy stating that the ‘serial failure’ of Pratt & Whitney engines is to blame. The low-cost airline said in a statement that it had lost Rs 10,800 in revenue due to the ‘defective’ engines provided by the Connecticut-based company Lenders have set a reserve price of Rs 1,604 crore, down 10% from Rs 1,782 crore set in their last attempt in March this year, documents accessed by ET showed. Go First owes creditors more than Rs 6,200 crore in aggregate. This is the second markdown on the land parcel by lenders. They had first put the property for sale in July 2024 for Rs 1,966 crore.