Chennai: Taking off with much fanfare and crash landing has been the regular feature one sees in the Indian aviation sector ever since it was opened up.
NEPC Airlines, Damania Airways, Jet Airways, Kingfisher Airlines, Deccan Aviation, Paramount Airways, are some of the several 'aya rams and gaya rams' or those who came and went.
Not only did the airlines go down, they also took down the huge sums lent to them by the government owned banks as well as the investments made by public shareholders.
It is a different matter that State Bank of India (SBI) had lent thousands of crores to Kingfisher Airlines against trademarks/brand value.
For a long time Air India and Indian Airlines (later merged with Air India) were able to stay afloat as they were owned by the Indian government. Only recently the Tata group has acquired Air India.
Be that as it may, now two airlines are hitting the news pages for financial problems are -- Go Airlines (India) Ltd and SpiceJet Limited.
Belonging to the Wadia group's Go Airlines early this month voluntarily landed at the National Company Law Tribunal (NCLT) with an insolvency petition which was later admitted an Interim Resolution Professional (IRP) got appointed.
The officials of Go Airlines said it was done to protect its fleet from being taken back by the lessors.
Go Airlines blamed the engine supplier Pratt & Whitney for its problems as nearly 50 per cent of its fleet of 54 aircraft is grounded due to engine faults and the latter refusing to supply spare engines.
On the other hand, the Ireland-based aircraft lessor Aircastle Ltd has moved the principal bench of NCLT to launch a bankruptcy process against the airline.
21/05/2023 Venkatachari Jagannathan/IANS/Daijiworld
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