Go First won't move against HC order, set for fleet deregistration

Go First will not challenge the Delhi High Court order that told the Directorate General of Civil Aviation (DGCA) to deregister all its 54 aircraft by Friday (May 3), and is heading towards liquidation, people in the know told Business Standard. Lenders told the newspaper the only option that remained was liquidation. They said they would lose money when the airline was liquidated since the value of its assets had gone down due to prolonged litigation.“The resolution plan was submitted to revive the airline. The bids were submitted because they saw it as a going concern. With the aircraft deregistered, we are not sure whether it will remain one. Without the aircraft there are only slots available. There is not much value,” said an official of a bank that has an exposure to Go First. The DGCA deregistered all 54 aircraft leased to the now bankrupt airline Go First on Wednesday in the wake of an order issued by the Delhi High Court on April 26. Advocate Diwakar Maheshwari, appearing for the Resolution Professional of the airline, had asked the court to keep the order in abeyance but the court refused to do so.