Go First Has History Of Missing Financial Obligations: P&W On Allegations
Listen to This Article
Pratt & Whitney, in response, said that the airline has a "history of missing its financial obligations".
.
"Go First has a lengthy history of missing its financial obligations to Pratt," it added.
On Tuesday, the airline filed for voluntary insolvency resolution proceedings in the National Company Law Tribunal (NCLT) and cancelled its flights on May 3, 4, and 5.
Go First, owned by the Wadia Group, owes financial creditors Rs 6,521 crore. As of April 30, Go First Air had not defaulted on any of these dues, it said in the filing, as reported by news agency
Reuters.
"However, considering the present financial situation of the corporate applicant defaults to financial creditors would be imminent," the filing said.
The filing lists the Central Bank of India, Bank of Baroda, IDBI Bank, Axis Bank, and Deutsche Bank among Go First's financial creditors.
The airline's total liabilities to all creditors stand at Rs 11,463 crore, the filing shows. This includes dues to banks, financial institutions, vendors, and aircraft lessors.
Titi Coles Legacy In Finance: Pioneering Diversity And Leadership
Titi Cole, one of the most senior Black women in the world of finance, recently exited her high-profile role at Citi. He... Read more
Rising Rates, Rising Challenges: Bankers Adapt To Serve Troubled Companies In A Changing Economic Landscape
As interest rates climb, troubled companies are facing heightened financial pressures, prompting them to seek assistance... Read more
The Elusive Nature Of Fraud Detection: Exploring The Auditor's Dilemma
In the intricate world of financial reporting, auditors serve as guardians of integrity, tasked with uncovering discrepa... Read more
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more