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Release four engines to lessor: NCLT to Go First resolution professional
The NCLT has directed Go First's resolution professional to return four engines to lessor Engine Lease Finance BV, citing a Delhi High Court ruling. This decision adds to the challenges facing the grounded airline's insolvency resolution process. The tribunal has adjourned the matter to August 9 to allow time for further instructions from lessors' counsel. A revised resolution plan has been submitted, reducing the offered amount to ₹195 crore. The DGCA's deregistration of 54 planes earlier this year has complicated the situation for Go First.
Good time for IndiGo to grab market share in international segment: Pieter Elbers
If you look at international, though, we do 33 destinations today and they are pretty much in the region and some of the regional and I would say beyond regional expansions, which we recently did, starting flights into Africa, starting flights into Indonesia and starting flights into Central Asia, have been extremely encouraging.
Cosmic collision of stars this summer can create a dazzling display in the sky, says NASA
Stargazers are set to get a treat of their lifetime as a cosmic collision of two stars is on the cards, that will be visible through the naked eye from the Earth itself. This collision is expected to create a massive display of light in the sky that will indeed an extraordinary watch.
Elon Musk's new problem: Unsold Tesla cars overcrowds parking, satellite imagery shows
Elon Musk's Tesla is currently in a bottleneck situation with its unsold cars situation. According to the recent satellite images revealed, Tesla's car models are simply crowding up the entire parking lot for unsold cars and there seems to be no remedy around it, say reports. This looks like a fresh issue for the business tycoon and his company amid a power struggle within the internal organization.
IndiGo, Air India upgrade playbooks to keep up with India's rising middle class
India's rising affluence is driving a significant shift in the lifestyle of the middle class, with a growing preference for premium products and experiences, both on the ground and in the sky. Airlines are capitalizing on this trend by offering luxurious amenities to cater to the surging demand, such as roomier seats, gourmet meals served on designer tableware, and lavish vanity kits.
Akasa Air well on path to profitability; will launch more intl flights: Co-Founder Aditya Ghosh
Akasa Air, co-founded by Aditya Ghosh, is progressing towards profitability and expanding its reach to South and Southeast Asia. In under two years, the airline has grown to a fleet of 24 planes with over 4,000 employees. Ghosh emphasizes a customer-focused, consistent approach to operations and plans further international and domestic expansions.
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Space Elevator to be ready by 2050. Press a button and you are in space. Details here
A Japanese company is developing a space elevator to take tourists into space in an elevator at the press of a button. This project will be ready by 2050.
India airline industry to report wider loss in FY25, consultancy says
India's airline industry is projected to face widening losses of $400-600 million in fiscal 2025 due to escalating costs despite increased passenger demand. CAPA India forecasts a rise in yields by 1% this year, with overall costs to increase by 3.8%. The market is dominated by low-cost carrier IndiGo, while the Air India group and newer carriers like Akasa Air and SpiceJet also play significant roles. Domestic passenger traffic is expected to grow to 161-164 million, with international traffic reaching 75-78 million, reflecting India's status as the world's fastest-growing aviation market.
Emirates boss says India’s protectionist stance will be detrimental to economy
Emirates president Tim Clark opposes India's protectionist stance to favor its carriers. The UAE requests more seats, Air India supports the move post-Tata takeover, and IndiGo ventures into long-haul travel with Airbus aircraft.
ICC T20 World Cup Cricket: India to play Pakistan next month in New York; where to watch live streaming; stadium, tickets, team news, all you need to know
The cricket fever is traveling to the US this June with the ICC T20 Cricket World Cup. This year's edition will see matches being played in the US and West Indies. The epic encounter between India and Pakistan will also be held in the US.
Air Turbulence! IndiGo and Air India Express tackle rising threats amid climate change concerns
The rise in clear air turbulence, likely due to climate change, has led to increased incidents impacting airline passengers worldwide. Recent events, including a fatal case on a Singapore Airlines flight, have prompted airlines like Air India Express and IndiGo to enhance safety measures and pilot training to address this growing concern.
Memorial Day 2024 weekend: Top Netflix movies and series to watch
A ton of latest movies and series have arrived on Netflix and Memorial Day weekend would be the best time to binge it all in one go. Here's what is brewing at the Netflix Centre.
EaseMyTrip's Nishant Pitti, SpiceJet owner Ajay Singh pull out of Go First race
The Singh-Pitti consortium's pullout leaves the revival of Go First in jeopardy. They were the frontrunners for the troubled airline with a total bid of around ₹1,600 crore.
Barcelona Transfer latest updates: Ronald Arujo parting ways, Mikel Arteta not coming to Barca
It has not been very serene at the Barca camp recently as the Spanish team has suffered some back-to-back blows. Here are some latest updates around Barcelona's player transfers.
UK General Elections 2024 Date: PM Rishi Sunak may go for July polls. What we know so far
UK General Elections 2024 date could be preponed to July as Prime Minister Rishi Sunak is expected make a major announcement, as per reports by international news agencies and the UK media.
Anthony Scaramucci says bitcoin adoption is just getting started, will these defi coins follow?
Anthony Scaramucci discusses Bitcoin adoption by US pension funds, expecting more funds to invest after Wisconsin's $100M crypto investment. KangaMoon challenges meme coin perception with P2E and Social-Fi features, while Chainlink, Uniswap, The Graph, and THORChain show potential for growth in the DeFi market. KangaMoon's ongoing presale, BitMart listing, and unique features position it as a top DeFi project.
Go First's creditors to auction pledged land parcel in Thane
Creditors are set to auction a prime 94-acre land parcel in Thane near Mumbai, previously collateral for loans taken by Go First Airlines. The auction process involves major creditors and potential bidders amidst evolving legal challenges and financial considerations.
WNBA is entering a new era: Skyrocketing viewership, sold-out arenas, young stars
"He's like, 'Oh, I had to fly commercial. I didn't have these charter flights.' Or, 'Oh, these guys are making $40 million. Like, my contract was only -- I don't know, $10 million.' And he kind of sounds disgruntled," Bird said on NPR's "Fresh Air" last month.
ICC inks 5-year deal with Sky New Zealand
ICC partners with Sky for a 5-year deal in New Zealand, broadcasting various ICC events until 2028, including World Cups, T20 World Cups, and more, ensuring New Zealanders can watch live cricket.
UK train strikes in May 2024: These are the lines to be affected this week
The dispute regarding pay keeps dragging on as train drivers from multiple rail companies will strike on different days of the week, giving the UK rail network another blow this May, according to recent reports.
Go First planes need engines, spare parts; lessors to take longer to fly them out of India
Industry experts anticipate that it will take longer for lessors to remove Go First's 54 deregistered planes from the country due to engine and spare parts requirements. The majority of these planes, stopped in May 2023, need maintenance and approvals for flight after being grounded for a year.
Lenders to Go First weigh liquidation after court order on planes, sources say
Lenders to India's Go First are scheduled to convene later this week to explore various options for the financially distressed airline, including the possibility of liquidation. This follows a court order permitting aircraft lessors to reclaim their planes, as disclosed by two bankers associated with Go First's creditors on Tuesday.
Delhi HC asks DGCA to deregister all 54 of Go First's leased planes, gives 5 days' time
In a setback for the struggling airline, the court also restrained the RP from replacing, taking out any accessories, spare parts, documents or any material from the aircraft while directing him to provide up to date information and documentation related to the aircraft to the lessors.
HC asks a petitioner to give its representation to Centre for ensuring that travel cos keep consumers data confidential
A Bench of Justice Manmohan and Justice Manmeet Pritam Singh Arora while rejecting the Ashwini Kumar Upadhyay’s plea gave liberty to him to approach the Centre. “If a representation is filed, it should be decided by way of a reasoned order in accordance with law as expeditiously as possible,” the HC said.
'Go First lenders yet to decide on bids, airline's revival likely to be delayed'
Both bidders had increased their bids earlier this month after initial scrutiny by lenders, necessitating an extension to complete negotiations, people familiar with the process said. "The committee of creditors (CoC) will meet either this week or early next week to finalise the extension of the timeline since a few more days will be needed to scrutinise and finally decide on the bids that are currently on the table," said a person aware of the process.
Go First's lenders to seek extension of insolvency process by 60 days - sources
Go First, which filed for bankruptcy in May last year, would have been under the resolution process for 270 days as on Feb. 4. The beleaguered airline has received expressions of interest from SpiceJet promoter Ajay Singh, UAE-based Sky One and Busy Bee, according to sources.
Ajay Singh, Sky One and Busy Bee file firm bids for Go First
SpiceJet promoter Ajay Singh, Sky One, and Busy Bee have submitted the bank guarantee and expression of interest for bankrupt Go First Airlines. The lenders may extend the resolution process deadline by two months. Singh applied individually, while Busy Bee is a new applicant associated with Plan IT. Safrik Investments and NS Aviation did not submit guarantees. The three entities will receive more information on Go First to develop a formal plan. Creditors may vote again to extend the resolution timeline beyond the current deadline.
Groundings, Go First closure, getaway mania leading to last-minute fares spiking sky high
India has its own unique geography and dynamics. So, flying is often the option many take despite it being a pricier option. Affluent Indians tend to be far less cost-conscious than their European counterparts when it comes to travel. This whole dynamic changes quite a bit when it comes to last-minute fares when prices can be 3 or even 4 times the usual fare.
With more travellers, planes, airports, 'bullishness' greets slightly clouded-aviation skies
India's Civil Aviation Minister, Jyotiraditya Scindia, has expressed a positive outlook for civil aviation in 2024. The country plans to expand connectivity and establish the first international air hub. Key developments include Air India and IndiGo placing orders for 970 planes, Go First filing for voluntary insolvency proceedings, an amended insolvency framework to address aircraft lessors' concerns, and air passenger traffic reaching a record high of over 4.63 lakh in a single day in November.
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