Joined: 03 Mar 2007 Posts: 3260 Location: South of France
Posted: Thu May 13, 2021 1:21 pm Post subject:
Don't see much difference in the quality of the branding, to be honest.
To my twisted mind 'going' always implies something on the lines of answering the nature's calls. 'Go' Air was bad enough, 'Go First' would imply sheer urgency
Why did Captain James Kirk pee on the ceiling?
A. He wanted to 'boldly 'go' where no man had 'gone' before. haha _________________ I don't know which is the more pampered bunch : AI's widebodies (the aunties) or Jet's widebodies (the planes).
After being in the skies for 15 years, Wadia Group-owned GoAir has rebranded itself as ‘Go First’ as the airline focuses on ultra-low-cost business model amid the aviation industry grappling with pandemic headwinds.
The announcement on Thursday also comes amid reports that the airline was preparing for an initial share sale to raise funds for its ambitious expansion plans. The Go First as ULCC (ultra-low-cost carrier) would operate single aircraft type across its fleet, which currently has both Airbus A320 and A320Neos (new engine option) planes in operation, it said. — PTI _________________ 11000 posts (and counting) on Airliners-India.
After flying for 17 years as ‘GoAir’, owner Nusli Wadia, in an abrupt move, changed the carrier’s brand to ‘Go First’. The rebranding was initiated ahead of taking his company Go Airlines public.
Go Airlines didn’t divulge the reason for the rebranding but its draft IPO prospectus filed with India’s capital markets regulator Sebi revealed that the GoAir brand was owned by Wadia’s younger son Jeh and not the company. Apart from the main brand, Jeh also owns two other marks — Go Airlines and www.goair.in, used exclusively by the IPO-bound company. In March, Jeh had stepped down from the MD’s position at Go Airlines while remaining as its co-promoter.
Go Airlines, which will be the first Wadia Group company to hit the Street in over three decades (another one Bombay Burmah is the second-oldest publicly quoted company in India), said it will pursue legal options to establish “its ownership over all the trademarks and domain names”.
For some period (2006 to 2009 and from 2013 to 2014), there were written licence agreements between the airline and Go Holdings (Jeh’s company) governing the use of the GoAir brand. For the remaining years, the use of intellectual property rights was not by way of a written licence agreement, the company said in its draft IPO document. While Go Airlines has started to use ‘Go First’, the registration of this wordmark and logo are pending approval from authorities, it added.
In March 2021, Go Holdings, said the IPO-bound company, filed two applications to register ‘Go Airlines’ and ‘www.goair.in’. A month later, Jeh made an application to the National Internet Exchange of India to transfer 115 domain names registered in the name of Go Airlines from one domain registrar to another domain registrar. “Our company is opposing the aforesaid applications and have also applied for the registration of these two wordmarks (Go Airlines and www.goair.in) in our own name,” it said.
“There is no assurance that these matters will be determined in our favour or that there will not be claims regarding our intellectual property from Go Holdings in the future. Any such events could have a material adverse effect on our business,” added Go Airlines, which plans to raise Rs 3,600 crore via the IPO. _________________ 11000 posts (and counting) on Airliners-India.
The Securities and Exchange Board of India (SEBI) has given Go Airlines (India) Private Limited t/a Go First (G8, Mumbai Int'l) the go-ahead for its planned debut on the Mumbai Stock Exchange (BSE), sources familiar with developments have told India's Economic Times newspaper.
“Sebi has cleared the proposal with some observations,” said one of the sources, who said the greenlight came on Thursday, August 26.
In its draft prospectus, GoFirst listed its shareholders as:
Go Investments & Trading Private Limited - a vehicle for the Wadia family whose directors include Nusli Neville Wadia, Ness Nusli Wadia, Anilkumar Jewraj Hirjee, Jeh Wadia, Sunil Kumar Sharma, and Jairaj Champaklal Bham - with 49.12%,
Nusli Neville Wadia with 23.12%,
Baymanco Investments Limited with 21.05%,
Sea Wind Investment and Trading Company Limited with 3.76%.
The remaining 2.94% is held by various smaller shareholders.
According to the Economic Times, SEBI's approval came after Jehangir Wadia, one of the airline's promoters and the younger son of Wadia Group patriarch Nusli Wadia, resigned from the boards of Britannia Industries and Bombay Burmah Group after having stepped down as the managing director of Go Airlines as well as Bombay Dyeing and Manufacturing Co. earlier in the year. His exiting all listed companies under the conglomerate was one of the pre-requisites SEBI had set for its approval for Go First, previously known as GoAir (G8, Mumbai Int'l), to list.
“SEBI has cleared the proposal with some observations,” said one of the people cited above.
The budget carrier can now move to the next step - the filing of a final red herring prospectus which incorporates SEBI's comments. It can also start road shows to garner investor interest. However, it is uncertain whether investors currently have an appetite for airline stocks given the uncertainty that currently pervades the global travel market.
Go First plans to raise up to INR36 billion rupees (USD490 million) for use in paying off loan repayments, the replacement of letters of credit, which are issued to certain aircraft lessors in securing lease rental payments and future maintenance of aircraft, with cash deposits, debts to the Indian Oil Corporation, and for general corporate use. _________________ 11000 posts (and counting) on Airliners-India.
Having previously scheduled an Initial Public Offering (IPO) for December 8, Go First (G8, Mumbai Int'l) owner Wadia Group has put the planned INR36 billion rupee (USD485 million) flotation for the carrier on hold, sources close to the group have told The Economic Times.
A third wave of Covid-19 currently raging across India is not the right backdrop for such a move, the anonymous sources said, and bankers the company has been working with “have been told to wait.”
Investors awaiting the IPO, which GoAir (G8, Mumbai Int'l) (as the low-cost carrier was known until a rebrand in 2021) had initially planned for the end of 2019, are now watching what impact the Omicron variant will have on travel before committing any investments to the aviation sector.
In the post-Covid world, the carrier filed to go public in May 2021 and received the nod from market regulator the Securities and Exchange Board of India (SEBI) in August. It said at the time that it would use the funds to repay loans, replace letters of credit issued to lessors with cash deposits, pay off debts to the Indian Oil Corporation, and for general corporate use.
With all fundraising plans now on hold, Wadia Group is expected to inject additional capital in the airline so it can meet its daily and monthly operational expenses, the sources said.
But market insiders told the newspaper that given the mild nature of the variant it is unlikely investors will have to wait long for the long-anticipated flotation. They view Omicron as a “modest, near-term risk” for airlines due to delays and cancellations caused by widespread staffing shortages, and expect that ongoing vaccinations in India should offset some of the downside. _________________ 11000 posts (and counting) on Airliners-India.
Joined: 11 Jun 2007 Posts: 11311 Location: Gordon Gekko's Boardroom
Posted: Fri May 20, 2022 7:48 pm Post subject:
With plans to ramp up capacity and add ten more aircraft by March 2023, Wadia Group is aiming for a long-delayed initial public offering (IPO) for its airline Go First (G8, Mumbai Int'l) in early July, sources told the newspapers Business Standard and Moneycontrol.
It aims to add new aircraft starting from August, namely ten new Airbus A320neo by the end of March 2023. According to the ch-aviation fleets advanced module, it currently operates a fleet of fifty-two A320-200Ns and six A320-200s, with ninety-two more of the A320neo to be delivered. The timeline is ten of these deliveries this year, ten next year, and the remaining 72 from 2024 to 2027.
However, it has yet to return all of its current fleet to activity, with ten still inactive. “We have ten more aircraft to be deployed, but all aircraft are expected to be operating by the end of June,” an unnamed Go First executive told Business Standard.
According to Indian broadcaster CNBC TV18, Go First is considering converting part of its A320neo orders to larger, longer-range, and more fuel-efficient A321neo jets or even switching its entire fleet to A321neo.
Go First parks a fifth of fleet due to engine delays
Go First (G8, Mumbai Int'l) has put around twelve of its fifty-two A320-200Ns in long-term storage as it awaits delayed redeliveries of upgraded Pratt & Whitney PW1100G engines, The Economic Times daily has reported.
The Indian low-cost carrier, formerly known as GoAir, sent the powerplants to the manufacturer in January 2022, hoping to receive spare engines on an interim basis. The upgrades themselves were due to take around five months. Sources indicated that the airline did not receive the spare engines, while the redeliveries of the upgraded units were delayed and are currently expected by mid-July.
The ch-aviation fleets advanced module shows that Go First operates fifty-two A320-200Ns and five A320-200s. Only the A320neo generation aircraft are affected by the PW1100G engine issues.
Rival IndiGo Airlines (6E, Delhi Int'l) completed the upgrade of all of its PW1100G engines by the end of August 2020, although it has since changed the engine supplier for its newly delivered A320neo Family aircraft to CFM International. The Indian Directorate General of Civil Aviation (DGCA) barred all operations of the non-upgraded PW1100G powerplants as of September 1, 2020, although the deadline was later extended for Go First. _________________ 11000 posts (and counting) on Airliners-India.
India grounds Go First aircraft amid sector safety concerns
Go First (G8, Mumbai Int'l) aircraft have experienced a number of incidents in recent days enough to warrant inspections from India’s Directorate General of Civil Aviation (DGCA), local media reported. The authority currently has its hands full investigating engine problems and safety lapses at many of the country’s airlines.
Engine problems affected two of the budget carrier’s A320-200Ns in separate incidents on the same day, July 19. One of them, flying from Mumbai Int'l to Leh Kushok Bakula Rimpochee, was diverted to Delhi Int'l due to a fault in the engine interface unit, and the second involved a Delhi-bound flight forced to turn back to Srinagar, Business Standard reported.
“We are investigating the incidents. Both aircraft will be grounded and will fly only after clearance from the DGCA,” an unnamed executive at the airline told the newspaper.
Go First’s Airbus A320neo are powered by Pratt & Whitney PW1000 geared turbofan engines, according to the ch-aviation fleets advanced module. The airline operates an all-leased fleet of fifty-two A320-200Ns and five A320-200. Eighteen of the neo are currently inactive as most await delivery of engine upgrades.
Go First said in a statement at the time that “maintaining the reliability of aircraft and maintaining the safety of our passengers is our top priority.”
On July 18, it was reported that in the wake of multiple incidents on passenger aircraft in recent weeks, the DGCA had conducted spot checks at various airports and found a lack of qualified maintenance engineers certified to clear aircraft for flight operations. The cause of defects was not being properly identified, and airlines were frequently giving one-off authorisations to junior-ranking engineers, it discovered.
Earlier this month, it gave SpiceJet three weeks to defend itself against regulatory action following a string of safety failures. On July 15, an IndiGo Airlines A320-200 flying from Delhi to Vadodara was diverted to Jaipur due to engine vibration, and two days later its Sharjah-Hyderabad Int'l flight was diverted to Karachi Int'l also due to an engine defect.
On July 15, a live bird was found in the cockpit of an Air India Express jet during a Bahrain Int'l-Kochi Int'l flight, and on July 16, its Kozhikode-Dubai Int'l flight was diverted to Muscat after the smell of burning was detected. The DGCA is currently investigating all of these incidents. _________________ 11000 posts (and counting) on Airliners-India.
Go First is planning to soon apply for a further INR6 billion rupees (USD72.5 million) from the government-backed Emergency Credit Line Guarantee Scheme (ECLGS) to finance its operations, the PTI news agency has reported.
The carrier did not confirm its plans and did not comment on the reasons for the capital raise.
Go First has already obtained INR4 billion (USD48.3 million) in loans from the ECLGS scheme. The government has recently raised the total loan available to airlines to INR15 billion (USD181.2 million). The LCC said a possible request for the remaining INR500 million (USD6 million) was not off the table but would be subject to more stringent equity requirements and new funding from shareholders.
"Banks like the Central Bank, Bank of Baroda, and IDBI are our lenders. We will be approaching them first to avail these funds," a source said. While ECLGS is government-backed, funds are disbursed by commercial banks.
Go First, once known as GoAir, currently operates five A320-200s and fifty-four A320-200Ns. It has a further ninety A320-200Ns on firm order from Airbus. _________________ 11000 posts (and counting) on Airliners-India.
Go First Stops Flights For 2 Days Due To Severe Funds Crunch
Go First airline will stop flights on Wednesday and Thursday due to a severe funds shortage. Only 50 per cent of the airline's fleet is operational due to not getting spare engines from US firm Pratt & Whitney (P&W), the carrier said in a statement.
Go First said it had to stop flights "due to the ever-increasing number of failing engines supplied by P&W International Aero Engines, which has resulted in Go First having to ground 25 aircraft (equivalent to approximately 50 per cent of its Airbus A320neo aircraft fleet)."
The carrier, owned by the Wadia Group, has also filed for voluntary insolvency resolution proceedings before the National Company Law Tribunal in Delhi.
"It is an unfortunate decision (filing for voluntary insolvency resolution proceedings) but it had to be done to protect the interests of the company," Go First chief executive Kaushik Khona told news agency PTI.
Go First in the statement said they have grounded 25 aircraft, or 50 per cent of the fleet, as on Monday. This has directly led to a funds crunch as not having enough aircraft flying dries up earnings very fast in the aviation sector.
The airline in the statement said a Singapore arbitrator ordered P&W to supply at least 10 serviceable spare leased engines by April 27, 2023 and 10 more engines - one each per month - by December this year. But P&W has not followed the order, the airline alleged.
"... That order (of the arbitrator) directed P&W to take all reasonable steps to release and dispatch (the engines) without delay to Go First..." the airline said. "If P&W were to comply with the orders in the emergency arbitrator's award, Go First would be able to return to full operations by August-September 2023," the airline said.
Go First files for insolvency, sues P&W for $977mn
Go First (G8, Mumbai International) has filed for insolvency at the National Company Law Tribunal in Delhi, blaming â€śPratt & Whitneyâ€™s defective and failing enginesâ€ť for a cash-flow crisis, it said in a two-page statement on May 2. According to local media, it has suspended its flights for May 3 and 4.
The low-cost carrier said it had filed an application with the tribunal to enter the Corporate Insolvency Resolution Process under section 10 of Indiaâ€™s Insolvency Bankruptcy Code. It has also taken the step of suing the engine maker for INR80 billion rupees (USD977.2 million) in damages at the Singapore International Arbitration Centre (SIAC), it said.
An â€śever-increasing number of failing engines supplied by Pratt & Whitneyâ€™s International Aero Enginesâ€ť has resulted in Go First having to ground 25 aircraft, or about half of its Airbus A320neo fleet, as of May 1, it said, adding that the percentage of aircraft grounded for this reason had grown from 7% in December 2019 to 31% in December 2020 to 50% in December 2022.
According to the ch-aviation fleets advanced module, Go First currently operates a fleet of 55 aircraft, namely five A320-200s, all of which are active, and fifty A320-200Ns, only twenty-two of which are active. Pratt & Whitneyâ€™s PW1127G-JM engines power all of the neo fleet.
Go Firstâ€™s owner Wadia Group revealed last month that it was searching for a strategic partner to buy a minority stake in the beleaguered airline while pledging to invest a further INR3 billion (USD36.6 million). The carrier posted its biggest annual loss in 2022.
Pratt & Whitney â€śhas repeatedly failed to meetâ€ť its assurances related to the engines over the years, Go First said. In particular, the airline said, it had refused to comply with an award issued by an emergency arbitrator appointed in accordance with the arbitration rules of the SIAC.
That order directed the American aerospace manufacturer â€śto take all reasonable steps to release and dispatch without delay to Go First at least 10 serviceable spare leased engines by 27 April 2023 and a further 10 spare leased engines per month until December 2023,â€ť with the objective of the carrier returning to full operations and assuring its survival.
If Pratt & Whitney were to comply, the airline would be able to return to full operations by August or September. Yet it â€śhas failed to provide any further serviceable spare leased engines at all, and has stated that there are no further spare leased engines available.â€ť
Go First has filed for insolvency to protect the interests of all stakeholders, it said, despite their infusion of INR32 billion (USD391 million) over the last three years, including INR2.9 billion (USD35 million) in April 2023 alone.
The grounding of half of its A320neo fleet â€śdue to the serial failure of Pratt & Whitneyâ€™s enginesâ€ť has set the carrier back INR108 billion (USD1.32 billion) in lost revenue and additional expenses, it claimed. It has paid INR56.57 billion (USD691 million) to lessors in the last two years, it added.
It is to recover these losses that it is seeking compensation. If successful, â€śit is hoped that Go First will be able to address the liabilities of its creditors, small and large. However, at this stage, in the absence of Pratt & Whitney not providing the required number of spare leased engines in accordance with the order issued by the emergency arbitrator, Go First is no longer in a position to continue to meet its financial obligations.â€ť
Pratt & Whitney did not immediately respond to a request for comment from ch-aviation.
_________________ 11000 posts (and counting) on Airliners-India.
Go First which has been limping all along, finally reality has caught up to them. In this industry in India, one can be a niche player (like regional airline) but Go First had no niche to begin with. They are flying the same routes that other airlines - AI and Indigo are flying. It is time for GOI to step aside and do nothing to assist this airline. Let it go bankrupt or let another airline buy the assets and its certificate.
Go First has pushed back any restart of flights until at least May 26, 2023, citing operational reasons. The airline suspended all flights and declared insolvency earlier this month, blaming engine supply issues for causing a cash flow crisis. It has since pushed out its proposed restart date several times.
"As you are aware, the company has filed an application for immediate resolution and revival of operations. We will be able to resume bookings shortly," a notice on the airline's website reads. India's Directorate General of Civil Aviation (DGCA) has also ordered the airline to stop taking any bookings until the question of its restart is resolved.
Go First, which has a fleet of now-inactive 54 aircraft, including forty-nine A320-200Ns, has faced long-running issues with its supply of Pratt & Whitney engines, causing it to ground many aircraft in the lead up to its insolvency. The airline filed an application to enter into the corporate insolvency resolution process under s.10 of Indiaâ€™s Insolvency Bankruptcy Code, which the New Delhi bench of the National Company Law Tribunal (NCLT) accepted on May 10.
After an initial two-day pause of flights, suspensions were extended until May 24 amid revelations Go First owed lessors over USD92 million, and banks a total of INR65.21 billion (USD793 million). The latest flight suspension extension was advised on May 18.
Meanwhile, Reuters reports that the Federation of Indian Pilots wants India's Ministry of Civil Aviation to allow Go First pilots to resign without having to serve out the mandated 12 month (six months for co-pilots) notice period. Go First pilots are now reportedly facing issues with salary payments and many are looking for new jobs, including at the Tata Sons owned Air India. _________________ 11000 posts (and counting) on Airliners-India.
The resolution professional handling the insolvency of Go First has called for expressions of interest (EOI) to buy the airline. In an advertisement in Indian business newspapers on July 10, Shailendra Ajmera of Ernst & Young's New Delhi office has begun the first in a series of Indian insolvency law-mandated steps to sell the airline.
However, the advertisement is light on specifics, saying that Go First has assets located at various airports around India, employs around 4,200 people, and that its revenue in the 12 months to March 31, 2022, was INR41.83 billion rupees (USD506.2 million). The closing date for EOIs is August 9, 2023, with a short list of successful applicants released on August 19. The Hindu BusinessLine reports that the Wadia Group, which currently owns Go First, may bid for the airline. ch-aviation has contacted Ajmera's office for further details.
Go First suspended services in early May, filing for voluntary administration soon after, with the airline owing creditors approximately INR65 billion (USD786.6 million). In the 2021/22 fiscal year, Go First recorded a loss of INR10.08 billion (USD218.8 million) on revenues of INR41.84 billion (USD506.3 million) and had a negative net worth of INR32.22 billion (USD 390 million).
Notably, almost all of Go First's 54 aircraft are leased, with several lessors agitating for the return of their planes. Data from the ch-aviation fleets advanced module shows at least 52 of the 54 planes are leased from 12 different lessors. India's National Company Law Tribunal (NCLT) has stopped lessors from retrieving their aircraft. An appeal by aircraft owners to the appellate tribunal was unsuccessful, although India's High Court granted certain of them access to their aircraft for maintenance and inspection purposes last week. Since then, Ajmera, on behalf of Go First, has filed an appeal to that High Court order.
Separately, the Singapore International Arbitration Centre (SIAC) made another interim ruling late last week, ordering Pratt & Whitney to supply Go First with five engines every month between August 1 and December 31, saying, "the respondent (Pratt & Whitney) must take all reasonable steps to release and dispatch to the claimant (Go First), without delay as they become available."
Go First blamed crippling Pratt & Whitney PW1000G engine supply issues when filing for insolvency. In April, approximately 50% of Go First's aircraft were grounded because of engine issues, growing from around 30% in late-2020. Go First maintains that the engine issues have cost it INR108 billion (USD1.3 billion) and have sued the engine manufacturer. The airline reportedly has dozens of Pratt & Whitney powerplants waiting for servicing at MRO facilities around India, dozens more defunct engines waiting to be retrieved, and expects another six engines to go out of service between now and November.
Go First began arbitration in Singapore earlier this year, seeking to have Pratt & Whitney abide by its contractual obligations. In a media statement released after last week's ruling, Pratt & Whitney said it would comply with the arbitration's ruling. However, it has previously challenged interim rulings, citing global supply chain issues and Go First's history of missed payments. The SIAC is due to hand down its final judgment later this month, and it is expected to be a decisive factor regarding the airline's future viability and sale prospects. _________________ 11000 posts (and counting) on Airliners-India.
Relaunch plans hatched by Go First have received a setback with confirmation lessors want to repossess every aircraft in the carrier's now-grounded fleet, according to India's civil aviation minister, V. K. Singh.
"The Directorate General of Civil Aviation (DGCA) has received applications from lessors for deregistration of a total number of 54 aircraft leased to Go First," Singh told India's Council of State earlier this week in response to a question taken on notice. "Processing of the applications by DGCA is subject to the outcome of the cases before the National Company Law Tribunal (NCLT), and the High Court of Delhi."
According to ch-aviation fleets advanced data, the aircraft at Go First include five A320-200s and forty-nine A320-200Ns. While the lessors may have applied to the DGCA to deregister and repossess their planes, that agency has paused all requests following a National Company Law Tribunal ruling in May that prevented lessors from repatriating their aircraft. Impacted lessors include Aviation Capital Group (four aircraft); BOC Aviation (one aircraft); CCB Financial Leasing (four aircraft); CDB Aviation (eleven aircraft); DAE Capital (two aircraft); ICBC Financial Leasing (six aircraft); Jackson Square Aviation (eight aircraft); Maverick Aviation Partnership (one aircraft); Merx Aviation Finance (one aircraft); Minsheng Financial Leasing (five aircraft); SKY Leasing (one aircraft); and SMBC Aviation Capital (nine aircraft). ch-aviation has reported that aircraft lessors have submitted INR180 billion Indian rupees (USD2.2 billion) in creditor claims to Go First's resolution professional.
Go First paused operations in early May but has consistently maintained that it will relaunch. Most recently, the DGCA approved a scaled-back restart plan, allowing it to operate 116 daily flights using 15 aircraft and servicing eight airports. That was contingent on Go First securing sufficient working capital and accepting ongoing DGCA oversight. Recently, Shailendra Ajmera, Go First's resolution professional, admitted that the airline would need to sign fresh leases or have termination applications revoked to restart.
At least one lessor is taking its fight to reclaim its aircraft to courts outside India, with DAE (SY22) 13 Ireland Designated Activity Company filing a claim against Go Airlines (India) Limited in the United Kingdom's High Court on June 5. Go Airlines (India) Limited is the corporate entity that trades as Go First, while DAE (SY22) 13 Ireland is a special-purpose vehicle linked to the lease of an A320neo by Dubai-based DAE Capital. That aircraft is VT-WDD (msn 11160) and is currently stored at Kannur. While searches of legal databases indicate that this is the only UK-originated lawsuit active against Go First. However, as attested by number of active lawsuits now running against SpiceJet (SG, Delhi International), the UK is a favoured jurisdiction for lessors seeking contract dispute legal remedies.
Meanwhile, Go First operated a test flight of a grounded aircraft in anticipation of a restart. Posted on Go First's still active social media accounts, A320neo VT-WGD (msn 7205) operated a 40-minute flight offshore from Mumbai on the evening of July 25. That aircraft is leased to Go First by SMBC Aviation Capital. That lessor did not respond to ch-aviation's request for comment. _________________ 11000 posts (and counting) on Airliners-India.
India's National Company Law Tribunal (NCLT) has dismissed the objections of lessors and said insolvent Go First (G8, Mumbai International) can continue to operate test flights using their aircraft. In addition, a ruling from the July 26 hearing prevents the lessors or their agents from gaining access to the aircraft for inspection and maintenance purposes.
Last week, ch-aviation reported that lessors wanted to repossess all 54 aircraft placed at Go First. The low-cost carrier suspended flights in early May, applied for voluntary administration, and is now attempting to recapitalise to relaunch, albeit as a leaner operation. However, to do this, Go First needs to retain aircraft, and so far, benefitting from NCLT rulings preventing lessors from repossessing their planes, has managed to do so.
Go First also says that it needs to keep the aircraft in good order to relaunch, which involves some flying. As also reported by ch-aviation, on July 25, Go First took an A320-200N, VT-WGD (msn 7205) and belonging to SMBC Aviation Capital, up for a 40-minute test flight and has since operated further flights.
Two days later, an entity associated with SMBC Aviation Capital was one of six petitioners seeking to prevent Go First from using their aircraft. Counsel for SMBC Aero Engine Lease, alongside Bluesky 31 Leasing Co. Ltd, Bluesky 19 Leasing Co. Ltd (special purposes vehicles owned by Minsheng Financial Leasing), Jackson Square Aviation, Engine Lease Finance, and BOC Aviation (Ireland) appeared last week before Justices Mahendra Khandelwa and Rahul Prasad Bhatnagar, sitting on the NCLT's Delhi bench. _________________ 11000 posts (and counting) on Airliners-India.
Irish lessor ACG Aircraft Leasing wants Go First to replace missing parts on its aircraft placed at the airline and also wants around-the-clock security for its aircraft, according to a Reuters report.
Citing a September 1 non-public court filing at the Delhi High Court, the report says following an inspection of its planes, parts, including fan blades and escape slides, were missing from two of its four aircraft placed at Go First. The filing reveals that ACG asked Go First for a list of missing parts, a so-called "robbery list," but Go First declined, replying that they were not obligated to do so. Go First ceased operations and filed for insolvency in early May 2023.
ACG Aircraft Leasing Ireland Ltd is a Aviation Capital Group SPV. ch-aviation fleets advanced data reveals the four aircraft, all A320-200Ns, ACG has at Go First are VT-WGI (msn 7594), VT-WGJ (msn 7737), VT-WGK (msn 7753), and VT-WGM (msn 7859). One of the planes, VT-WGI, is stored at Goa Mopa, while the remaining three are at Delhi International.
ACG also alleges an engine was removed from one of their aircraft and put it onto another plane belonging to another lessor. Recent court rulings have allowed lessors occasional access to their aircraft for inspection purposes, but lessors are barred from repossessing and repatriating their aircraft. Go First's 54-strong fleet is comprised entirely of leased aircraft, and ch-aviation has reported that the combined 12 lessors want all of their planes back.
Counsel for ACG also asked the court for permission to put 24-hour security around their aircraft to prevent further pilfering and also requested the court order Go First to replace all the missing parts. The lessor did not respond ch-aviation's request for comment. The matter returns to the High Court on September 13. _________________ 11000 posts (and counting) on Airliners-India.
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