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 didn’t instantly reply to a Reuters request for remark.
In August, Go First’s lenders had determined to liquidate the corporate’s belongings after rejecting bids by suitors to revive the bankrupt airline, Reuters had reported, citing sources.
Go First had filed for chapter in Might final yr and obtained two monetary bids below the chapter course of, with one among them elevating their provide after a push by lenders.
The funds provider owes a complete of 65.21 billion rupees ($781.14 million) to its collectors, which embody Central Financial institution of India, Financial institution of Baroda, IDBI Financial institution and Deutsche Financial institution.
International plane lessors of Go First had been locked in a tussle with the corporate after they had been blocked from repossessing planes attributable to a moratorium imposed by Indian courts. Nonetheless, an area court docket, in April, allowed them to take again their planes.
(Apart from the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)