India's National Company Law Tribunal (NCLT) has approved the liquidation of Go First (Mumbai International). The country's specialist bankruptcy court ruled in favour of a recommendation from the committee of creditors during a January 20, 2025, hearing. The defunct airline, owned by Wadia Group, has debts of approximately INR110 billion rupees (USD1.27 billion).

"The aforesaid resolution [decision to liquidate] was approved by the members of committee of creditors unanimously with 100% voting shares, in its 37th meeting held on July 23, 2024," this week's NCLT ruling reads. "The application is allowed by ordering liquidation of the corporate debtor, namely M/s Go Airlines (India) Limited."

Efforts to revive Go First, which ceased flying in May 2023, fell flat last year after the Delhi High Court ordered the carrier's aircraft to be deregistered and returned to their lessors. Go First leased 100% of its fleet. A subsequent sales campaign attracted two bids, including one involving Ajay Singh, the managing director and majority shareholder of SpiceJet (SG, Delhi International), but both bids were under what the committee of creditors and administrator viewed as fair and reasonable. In September 2024, they decided to liquidate the airline.

Go First's debts include INR65.22 billion (USD755 million) owed to its four primary lenders, INR10 billion (USD116 million) owed to vendors, INR20 billion (USD231.5 million) owed to aircraft lessors, INR6 billion (USD69.4 million) owed to travel agents, INR5 billion (USD57.9 million) owed in customer refunds, and INR12.92 billion (USD149.5 million) in pandemic loans yet to be repaid to the Indian government.

The key remaining assets are an Airbus training facility in Mumbai, its headquarters, and a parcel of land in Thane valued at about INR30 billion (USD347.2 million). However, these assets were deemed insufficient to support any relaunch.

Separately, the NCLT approved an application that Shailendra Ajmera, Go First's current resolution professional, the local equivalent of an insolvency administrator, be replaced by Dinkar Tiruvannadapuram Venkatasubramanian, who will act as liquidator.