Go Airlines hits final runway: E-auction announced for key assets

The long-drawn insolvency saga of Go Airlines (India) Limited, formerly known as Go First, has entered its terminal phase. The airline, which entered liquidation following a National Corporate Law Tribunal (NCLT) order on January 20, 2025, has announced an e-auction for six specific assets with a combined total reserve price of Rs 18.06 crore. This auction, scheduled for April 6, 2026.

The Auction Details

The liquidator, Dinkar T. Venkatasubramanian, has put six distinct asset lots under the hammer, ranging from critical aircraft components to ground vehicles. Key items include:

• Auxiliary Power Units (APUs): Two units are available—one located in Delhi with a reserve price of ₹10.43 crore and another in Lithuania, Europe, priced at Rs 2.22 crore.
• Specialized Equipment: An Inlet Cowl and various Radomes are listed with reserve prices of Rs 3.73 crore and Rs 42.66 lakh, respectively.
• Operational Inventory: Aircraft cabin catering trolleys and inventory are bundled at a reserve price of Rs 1.24 crore.
• Ground Assets: A Tata Indica vehicle is also listed at a modest Rs 57,038.

Prospective bidders must submit eligibility documents by April 3, 2026, with the Earnest Money Deposit (EMD) due the following day.

Background: From flight to liquidation

The path to this auction began in May 2023, when Go First filed for voluntary insolvency, primarily blaming grounded aircraft and revenue losses on faulty Pratt & Whitney engines. Despite various attempts at a restart—including interest from SpiceJet’s Ajay Singh and EaseMyTrip’s Nishant Pitti—no viable resolution plan was finalized.

According to reports from Insolvency Tracker, the airline’s Committee of Creditors (CoC) unanimously voted for liquidation in July 2024 after determining that the airline had no operational fleet left to attract a buyer. Most of the carrier’s 54 aircraft were repossessed by lessors following a pivotal Delhi High Court order in April 2024.

Financial Fallout

The liquidation aims to recover a fraction of Go Airlines massive debt, which totals approximately Rs 11,000 crore. Primary lenders include the Central Bank of India, Bank of Baroda, and IDBI Bank. While substantial assets like a 94-acre land parcel in Thane (valued at Rs 3,000 crore) and a Mumbai training facility remain, the current auction focuses on the liquid assets required to wind down the estate.

This sale marks one of the final chapters for the Wadia Group-owned carrier, which operated for over 17 years before its terminal descent into bankruptcy.