It was just a matter of time. Ever since Go First declared they were entering insolvency proceedings, their lessors must have started work on bringing their aircraft out of the airline. And this evening, we saw the first glimpse of the airline witnessing a run on the assets it hoped to protect through the insolvency proceedings, their aircraft.
7 Lessors ask for 20 aircraft to be handed over to them
Go First wanted to go to the NCLT to get a moratorium on their aircraft being taken away from them. However, the NCLT cannot do much while they figure out if it is in the ambit of their authority to grant this request. In the meantime, however, the lessors have already served notice on Go First via the IDERA (Irrevocable Deregistration and Export Request Authorization) route that they would like their aircraft to be returned to them.
The following lessors have served notices on Go First:
- GY Aviation (10)
- SMBC Aviation (4)
- Pembroke (1)
- JSA Aircraft (1)
- EOS Aviation (1)
- Callisto Leasing (2)
- Pioneer Aircraft Holding (1)
There are 4 A320CEO aircraft and 16 A320NEO aircraft which are sought to be taken away, out of which 11 were operating flights through May 2, 2023, when the airline shut down. These aircraft are as old as 0.6 years old (it arrived in late 2022) and as old as 9.9 years old. Remember, Go First already lost two aircraft VT-WJU (3 years old) and VT-WJV (2.9 years old), which the lessors flew away in January 2023. This means that 11 of the airline’s 35 or so active aircraft will now fly away. However, more IDERA requests are expected soon, per aviation lawyers in the know.
The following aircraft are currently served for the IDERA notice:
The return process could start as soon as May 5, with at least one of these aircraft tentatively blocked to fly out to Istanbul on May 5, 2023.
Tough luck for Go First, but their best-laid plans seem to be coming apart. The airline wanted a controlled bankruptcy like the US Chapter 11 filing, but the lessors want their assets (aircraft) back rather than deal with a financially weak airline. At least 20 planes have already been served notice from a total fleet of 60 aircraft for the airline.
Where do you think this goes from here? Will Go First be coming back?
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