An Interim Resolution Professional (IRP) has been appointed by the NCLT to manage the affairs of Go First Airline under the Insolvency and Bankruptcy Code (IBC) but some lessors have challenged the tribunal’s ruling.

Source: https://indianexpress.com/article/india/go-first-haj-flights-indigo-8604607/

Several lessors approached aviation regulator for deregistration and repossession of 45 planes they had leased to the carrier.

Source: https://www.financialexpress.com/business/airlines-aviation/returning-aircraft-to-lessors-will-render-go-first-dead-irp-tells-delhi-hc/3108008/

So under these agreements, subject to certain conditions and corporate approvals, lessors will reduce our lease payments to eliminate the COVID-related deferrals.

Source: https://seekingalpha.com/article/4585052-azul-s-azul-q4-2022-earnings-call-transcript?source=feed_all_articles

The airline’s total liabilities to all creditors stands at 114.63 billion Indian rupees, including dues to banks, financial institutions, vendors and aircraft lessors.

Source: https://business.inquirer.net/400234/indias-go-first-airline-gains-bankruptcy-protection-lessors-woes-deepen

The carrier, which filed for voluntary insolvency on May 3, has 7,000 employees on its rolls and has committed a default of Rs 2,660 crore toward aircraft lessors and Rs 1,202 crore towards its vendors.

Source: https://www.financialexpress.com/business/airlines-aviation-go-first-offers-extra-pay-to-keep-pilots-on-board-3106819/