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.<\/p>\n
Go First Airways did not immediately respond to a Reuters request for comment.<\/p>\n
In August, Go First’s lenders had decided to liquidate the company’s assets after rejecting bids by interested suitors to revive the bankrupt airline, Reuters had reported, citing sources.<\/p>\n
Go First had filed for bankruptcy in May last year and received two financial bids under the bankruptcy process, with one of them raising their offer after a push by lenders.<\/p>\n
The budget carrier owes a total of 65.21 billion rupees ($781.14 million) to its creditors, which include Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank.<\/p>\n
Foreign aircraft lessors of Go First were locked in a tussle with the company after they were blocked from repossessing planes due to a moratorium imposed by Indian courts. However, a local court, in April, allowed them to take back their planes.<\/p>\n
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n
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