Go First Airline Granted Bankruptcy Protection

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The National Company Law Tribunal in New Delhi granted today Go Airlines (India) Ltd bankruptcy protection, providing a lifeline to the country’s fourth-largest carrier.

The order included a moratorium on the carrier’s assets and leases, as well as the appointment of Abhilash Lal of Alvarez & Marsal as the interim resolution professional to take control of management.

The tribunal also specified that the resolution professional “shall ensure that retrenchment of employees is not resorted to as a matter of course,” but this does not mean that the company’s around 7,000 staff are in the clear.

In fact, the move further complicates matters for lessors, who have requested the return of about 40 planes from the aviation regulator due to missed rental payments.

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