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Wadia-owned GoFirst, has been admitted to the National Company Insolvency Tribunal (NCLT) for insolvency proceedings.
The Delhi bench, chaired by Justice Ramalingam Sudhakar and Sh.L.N. Gupta, admitted the insolvency petition due to unpaid debt exceeding ₹1 crore and GoFirst’s default. The NCLT imposed a moratorium under Section 14(1) of the IBC to protect and maximize the value of the assets in line with the objectives of IBC, employment, and larger public interest. The judges appointed Abhilash Lal of Alvarez and Marsel as the Interim Resolution Professional (IRP) to take necessary steps to keep GoFirst afloat and run its services smoothly. The IRP has also been directed to ensure that retrenchment of employees is not resorted to as a matter of course.
The board and management of the airline have been suspended, and the bench directed the board to deposit ₹5 crore with the IRP to meet the immediate expenses of the Corporate Insolvency Resolution Process. GoFirst’s insolvency petition was argued on May 2, with the airline seeking admission to its insolvency petition, stating that its lessors and other creditors were invoking letters of credits and bank guarantees. The lessors had opposed the airline’s petition and said they had a right to be heard.
GoFirst has outstanding debts to a range of creditors, including banks, financial institutions, vendors, and aircraft lessors, which amount to a total of ₹11,463 crore. Of this amount, ₹6,521 crore is owed to financial institutions. The airline has also defaulted on payments to operational creditors, which include ₹1,202 crore to vendors and ₹2,660 crore to aircraft lessors.
In the 41-page written order, the bench addressed two main issues: whether there is a mandatory requirement of issuing notice to the creditors before admitting an application filed under Section 10 of IBC 2016 and whether an application under Section 65 can be entertained even after the commencement of CIRP. The bench stated that notifying every creditor under Section 10 of IBC 2016 can cause significant delays and reduce asset value, and hence, notifying creditors at the pre-admission stage is not mandatory but discretionary based on valid reasons.
According to the bench, “Notifying creditors can’t be demanded as a right. If there’s a risk of asset deterioration and larger public interest at stake, notifying creditors can’t be demanded as a right.” The bench also noted that GoFirst needs to be considered as a “going concern” and that the IRP must take all necessary steps, including the execution of the Arbitral Award, to keep the airline afloat and run its services smoothly.
In conclusion, the insolvency proceedings will aim to protect and maximize the value of GoFirst’s assets, employment, and larger public interest. The appointment of an IRP and the suspension of the board and management will ensure the smooth operation of the airline during the Corporate Insolvency Resolution Process.
So far, lessors for at least 45 out of 54 aircraft have moved an application to deregister the aircraft. As per the cape town convention, the DGCA is supposed to deregister aircraft within five working days. What remains to be seen is whether the Directorate General of Civil Aviation (DGCA) deregisters the said aircraft or not.
