Tag Bankruptcy

Aviation

Go First Airlines Extends Flight Cancellations Until May 30, Assures Full Refunds

Go First Airlines has announced the cancellation of its flights until May 30, citing operational reasons. Passengers affected by the cancellations will be issued full refunds. The airline is actively working on a revival plan amidst the challenges it faces.

Manish Khandelwal
27/05/2023

Aviation

Go First to Resume Flight Services by May 24th with Reduced Schedule and Smaller Fleet

Go First, the low-cost carrier, is planning to restart its flight services on May 24th, with a smaller operation. The airline has been granted protection under a moratorium by the National Company Law Tribunal (NCLT) from recovery by lessors and lenders. This comes after Go First became the first Indian airline to voluntarily seek bankruptcy protection to renegotiate contracts and debt.

Manish Khandelwal
11/05/2023

Aviation

Go First Granted Bankruptcy Protection By Indian Tribunal

The National Company Law Tribunal has granted Go First Airlines bankruptcy protection as the low-cost carrier attempts to revive itself. While this is positive news for Go First, foreign lessors looking to repossess their planes will face challenges. Pratt & Whitney, the engine maker, has denied Go First's claims about faulty engines without evidence.

Manish Khandelwal
10/05/2023

Hospitality

OYO Files For Bankruptcy? Here Is The Truth

In a surprising development, it was reported by many websites on Tuesday (April 6) publish reports that OYO has filed for bankruptcy under IBC 2016 and the NCLT has ordered the beginning of a corporate insolvency resolution process of OYO…

Manish Khandelwal
08/04/2021

Aviation

Virgin Atlantic Files For US Bankruptcy In Fight For Survival

The British Airline, Virgin Atlantic Airways Ltd, is seeking protection from US creditors under Chapter 15 of the U.S. Bankruptcy Act, which allows a foreign debtor to protect assets in that country. Virgin Atlantic negotiated an agreement with stakeholders at…