Liquidation is shaping up to be an increasingly likely outcome for Go First (GOW, Mumbai International), Reuters reported, citing a source at a creditor bank as saying there is no value left in the defunct carrier after a court order last week granted permission for lessors to repossess their aircraft.

India's Directorate General of Civil Aviation (DGCA) has since confirmed that it has deregistered all 54 dry-leased aircraft placed at Go First.

Go First collapsed in May 2023, with the airline's administrators later accepting creditor claims totalling INR65.21 billion rupees (USD781.5 million). Among the biggest creditors are four banks - Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank - which steer the Committee of Creditors (COC), which in turn has pushed to sell Go First rather than liquidate it to recoup as much money as possible.

A recent sales campaign attracted two formal low-ball bids, one from Sharjah-based Sky One and the other from EaseMyTrip founder Nishant Pitti and Ajay Singh, CEO of SpiceJet (SG, Delhi International). The COC was known to be unhappy with the low value of the bids before the court ruling. Last week, Pitti said he would review his offer and "consider any necessary adjustments" but remained committed to the acquisition. This week, Sky One Chairman Jaideep Mirchandani told Reuters he would bring in his aircraft and resources as necessary to relaunch Go First if the COC accepted his offer.

Any decision to liquidate Go First will be subject to a COC vote that will only take place after the two offers to buy the airline are rejected or withdrawn.