Active Stocks

Wed Oct 04 2023 15:59:47

Tata Steel share price
125.3 -2.11%

Axis Bank share price
994.4 -4.38%

Power Grid Corporation Of India share price
199 -0.15%

NTPC share price
235 -2.55%

Tata Motors share price
613.5 -1.1%

Business News/ Companies / News/ DGCA puts jet repossess request from Go First lessors on hold

Back

DGCA puts jet repossess request from Go First lessors on hold

1 min read 30 May 2023, 02:44 PM IST Join us

Reuters

India's aviation watchdog has halted lessors' requests to repossess planes from airline Go First due to the carrier's bankruptcy process which supersedes such requests.

The tail fins of Go First airline, formerly known as GoAir, passenger aircrafts are seen parked on the tarmac at the airport in New Delhi, India (REUTERS) — The tail fins of Go First airline, formerly known as GoAir, passenger aircrafts are seen parked on the tarmac at the airport in New Delhi, India **(REUTERS)**

India's aviation watchdog has put on hold requests from lessors to repossess planes from airline Go First as the carrier's bankruptcy process imposes a freeze on assets which supersedes such requests, it said in a court filing.

Go Airlines (India) Ltd filed for bankruptcy protection blaming "faulty" Pratt & Whitney engines for the grounding of about half its 54 Airbus A320neos. Pratt, part of Raytheon Technologies, says the claims are without evidence.

In granting protection, the Indian tribunal ordered a freeze on Go First's assets even though some lessors had already terminated leases and placed requests with the aviation regulator to repossess more than 40 planes.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!