Go First heads towards liquidation after failed EaseMyTrip, SpiceJet bids

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Go First heads towards liquidation after failed EaseMyTrip, SpiceJet bids - Business Standard

Quick Summary:

Last year, Wadia Group Chairman Nusli Wadia had claimed that the US company had caused damage worth more than Rs 10,000 crore to the airline.

The tribunal extended the insolvency process until August 3, instructing the Committee of Creditors (CoC) and the resolution professional to adhere strictly to this deadline with no further extensions.

Go First’s creditors have sought over $1 billion from P&W, accusing the company of supplying faulty engines that were not replaced on time, leading to the grounding of half the airline’s fleet and its subsequent bankruptcy.