Go First said that it was “forced to apply to the NCLT” after “the ever-increasing number of failing engines supplied by Pratt & Whitney’s International Aero Engines” led to the grounding of 25 aircraft.
"Among the creditors, a large public sector bank which is a key creditor wants more time since the approval to extend the process needs to be ratified by its board. So voting lines are still open for everyone, though some of the creditors have already voted," said a person aware of the process.
Indian aviation updates: Although there are currently no regulatory restrictions on domestic banks lending to other group entities of bankrupt companies, such transactions are difficult to execute given the enhanced credit risks at the group level, according to industry experts.
The resolution professional (RP) who is managing Go First’s corporate insolvency resolution process (CIRP) Shailendra Ajmera received requests from these three entities in the past 10 days to conduct due diligence.