India’s Go Airlines (India) Ltd has invited investor interest in the company through a court-appointed administrator as part of the carrier’s ongoing insolvency process, a newspaper advertisement showed on Monday.
The process of inviting an Expression of Interest (EoI) signifies the formal commencement of seeking buyers or investors for a potential investment, in line with procedural requirements under Indian law.
Go Airlines, which operated the Go First carrier, did not immediately respond to a Reuters request for comment.
Go Airlines filed for bankruptcy protection in May blaming “faulty” Pratt & Whitney engines for the grounding of about half its 54 Airbus AIR.PA A320neos. The engine maker had said the claims are without merit.
According to regulations, the issuance and publication of the Form G – related to the invitation for EoI – would be the “prescribed next – step for taking the insolvency to its logical conclusion,” said Abhirup Dasgupta, a partner at HSA Advocates,
“The final resolution will, however, be subject to the crystallisation of the rights of the lessors,” Dasgupta, who specialises in insolvency law but is not involved in Go First’s proceedings, said.
Reuters