The fate of India's fourth-largest carrier Go Airlines (India) Ltd and its 7,000 employees is set to be decided on Wednesday, in a bankruptcy plea ruling that will also have major implications for foreign lessors trying to repossess planes.
If the Indian tribunal admits Go First's plea, it will lead to appointment of a new resolution professional who will take over management to revive the airline run by India's Wadia Group. A decision is expected at 10:30 a.m. , with Go First widely expected to succeed.
They now face a major roadblock, as Indian law prohibits any such recoveries once bankruptcy proceedings are initiated for a company, lawyers and industry sources said. "Lessors must be very, very concerned right now. The repossession requests will be of no consequence if the insolvency and bankruptcy process kicks in," said Abhirup Dasgupta, a partner at HSA Advocates who specialises in insolvency law but is not involved in the Go First matter.
The industry sources could not be named because they were not authorised to speak publicly about the matter.
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