The Fall and Disgrace of Naresh Goyal - Open The Magazine openthemagazine.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from openthemagazine.com Daily Mail and Mail on Sunday newspapers.
While Jet Airways had stopped flying in April 2019, JKC had subsequently emerged as the winning bidder for the airline. However, persisting differences between JKC and the lenders have led to delay in the transfer of ownership, with the carrier yet to commence operations
The Directorate General of Civil Aviation has extended the air operator certificate of the beleaguered airline until 3 September, even as it undergoes the corporate insolvency resolution process
Both Jet Airways and Go First have met with a similar fate of landing up in insolvency, albeit for different reasons.
Whether Go First will be able to avoid the sharp erosion in value like in the case of Jet, experts say, will depend on how quickly it is able to restart operations and retain its slots at airports.
Go First, owned by the Wadia group, filed for voluntary corporate insolvency resolution on May 2 due to inadequate capacity utilisation that led to a cash crunch.