In May 2023, Go First filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal ("NCLT") in India. The NCLT admitted the application and granted protection to Go First by imposing a moratorium against recovery by lessors, lenders, and other creditors of Go First. In addition, the NCLT had appointed a resolution professional (‘RP’) to operate Go First and to maintain Go First as a going concern.

The RP had prepared a revival plan and is making progress in getting interim funding sanctioned from the Committee of Creditors of Go First for funding the airline’s operations. Since the filing was for voluntary insolvency, there had been developments in favor of Go First’s possible resumption of operations including relief via moratorium from lease payments, interim approvals for the proposed revival plan and in-principle approval for funding among others including receipt of regulatory approval subject to certain conditions from Director General of Civil Aviation ("DGCA") which is the aviation regulator in India. The regulatory approval, though subject to conditions such as arrangement of interim funding, ensuring continuing airworthiness of the aircrafts, outcome of the ongoing insolvency resolution proceedings at NCLT and the High Court of Delhi, was critical to the revival process.

Considering cessation of operations of Go First and with no visibility on the resumption of operations along with adverse developments, the Company believes that there is significant uncertainty with respect to amounts recoverable from Go First and therefore, during the year ended March 31, 2024, the Company recorded an impairment provision of USD 10,047.

Further, the High Court of Delhi, directed DGCA to deregister the aircrafts leased by Go First. Consequently, DGCA had deregistered all 54 aircrafts and the lessors had reclaimed their aircrafts. On January 20, 2025, the NCLT ordered the liquidation of Go First following a request from Committee of Creditors.