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Senior advocate Pramod Nair, representing the lessors, emphasized that the pleas were based on a judgment from the High Court of the United Kingdom and the contractual agreement between the parties.
The agreement with EDC secured full ownership of 13 Q400 aircraft, resolving liabilities of nearly $91 million and yielding savings of ₹567 Crore.
The lessors sought deregistration of three Boeing 737-800s due to outstanding payment issues. The DGCA deregistered the planes with the call letters VT-MXJ, MXF, and SZJ.
Go First's bankruptcy filing lists creditors including Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank, to whom it owes a total of 65.21 billion rupees.
SpiceJet recently received three airframes through settlement agreements with key aircraft lessors, strengthening its fleet capabilities
Two airframes will be acquired by SpiceJet as part of the arrangement, "enhancing the airline's fleet and operational capabilities," the statement read.
The company will formally withdraw the case on March 1, 2024.
Bidders for Go First airline are optimistic about receiving a $300 million arbitral award from engine-maker Pratt & Whitney (P&W).
In January, SpiceJet received the first tranche of funds, amounting to ₹744 Crore, through the allotment of securities on a preferential basis
SpiceJet's Board of Directors approved the distribution of 4.01 crore equity shares to two investors.
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www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.