Institute of social and economic change, Research institute in Bengaluru, India

New Delhi [India], May 18 : Union Minister Jyotiraditya Scindia on Thursday said that the Go First insolvency matter is "not a great thing for civil aviation" and said that the Ministry wants a resumption of flights as soon as possible.The Civil Aviation Minister said that the Airlines will have to submit their plan to the Directorate General of Civil Aviation after which the civil aviation regulatory body will decide on the matter."It's certainly something that is not a great thing for civil aviation. However, each company has to manage its own issues. As far as the Ministry is concerned, we are quite steadfast in our resolve in terms of helping airlines with whatever fundamental issues there are..." Scindia said while speaking to the reporters here."We have very clearly said that we would want a resumption of flights as soon as possible. They have to submit their plan to DGCA which will cover the number of planes, the number of routes. Basis that plan, DGCA will then decide how to take it forward," he added.The Minister's remarks came after Go First Airlines cancelled all its flights till May 26, citing operational reasons.Earlier, the airlines had cancelled flights till May 19."We regret to inform that due to operational reasons, Go First flights scheduled till 26th May, 2023, have been cancelled. We apologise for the inconvenience caused by flight cancellations," Go First stated.The airline said a full refund would be issued to the original mode of payment shortly."We acknowledge the flight cancellations might have disrupted your travel plans and we are committed to providing all the assistance we can," it added.The company has recently filed an application for immediate resolution under insolvency and revival of its operations."We will be able to resume bookings shortly. We thank you for your patience," the airline added.In the case of Go First Airline, the National Company Law Appellate Tribunal has reserved its verdict on three lessors' appeal challenging the order passed by the National Company Law Tribunal (NCLT) of the interim moratorium and insolvency resolution proceedings.Justice Ashok Bhushan-led bench of the National Company Law Appellate Tribunal (NCLAT) Court on Monday evening reserved the judgement for May 22."We are reserving the judgement for May 22," Justice Bhushan-led bench of the NCLAT said.The appeal was filed by three Go First lessors SMBC Aviation Capital Ltd, SFV Aircraft Holdings, GY Aviation Lease Court Ltd before the NCLAT Court against Go First's voluntary insolvency resolution proceedings.The lessors were opposing the NCLT judgement which had gone in favour of Go First and given a go-head for Interim Resolution Professional (IPR) and interim moratorium.NCLAT on Friday deferred the matter pertaining to Go First lessors' petition seeking a stay on a bankruptcy court's order allowing voluntary insolvency of the low-cost airline to Monday.On May 10, the NCLT admitted Go First's plea for voluntary insolvency and admitted for the initiation of Corporate Insolvency Resolution Process (CIRP) proceedings. NCLT has granted Go First protection under a moratorium from recovery by lessors and lenders.NCLT, in its order, said, "We admit the plea of Go Airlines for insolvency proceedings. It said that we appoint Abhilash Lal as IRP (insolvency resolution professional).""The suspended board of directors will cooperate with the IRP. Suspended directors are also ordered to deposit Rs 5 crore to make the immediate expenses," the order stated.The budget airline had also cancelled all the flights' operations till May 19 due to operational reasons, "Go First flights until 19th May 2023 are cancelled. We apologise for the inconvenience caused and request customers."US-based jet manufacturers Pratt and Whitney (P-W) has defended itself against the budget airline's claim that P-W is responsible for the financial condition and bankruptcy."Go First's allegations that Pratt and Whitney is responsible for its financial condition are without merit. Pratt and Whitney will vigorously defend itself against Go's claims, and is pursuing its own legal recourse," Pratt and Whitney spokesperson told ANI.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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