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Last week, SpiceJet announced a plan to raise over Rs 2,250 crore by issuing up to 130 million convertible warrants. This capital infusion could support the airline in its potential acquisition of Go First, sources have said
On May 2, Wadia group-owned Go First said it has been “forced” to apply to the NCLT for resolution and protection under Section 10 of IBC due to the ever-increasing failure of Pratt and Whitney engines that power its fleet.
IOC, the country's largest fuel retailer, was the sole supplier of jet fuel to low-cost carrier Go First, which filed for bankruptcy protection on Tuesday, blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet.
GoFirst's dues towards aircraft lessors is Rs 2,600 crore, according to the plea filed before NCLT.
The company, which operates the Go First airline, had not defaulted on any of these dues as of April 30, it said in the filing.