India’s National Company Law Tribunal has ordered the winding up of bankrupt Go First Air, following a request to do so by its lenders.
Lenders include Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank.
The airline owes more than $780 million.
Go First filed for bankruptcy in 2023 and two bids under the bankruptcy process failed to meet their financial requirements for restructuring the business.
Go First launched in 2005.
With no litigation outstanding or a viable resolution plan, and lessors having already recovered their aircraft, the bankruptcy court ordered the airline’s liquidation.
