Jindal Power submits expression of interest for insolvent Go First

Jindal Power (JPL), led by Naveen Jindal, has submitted an expression of interest (EoI) for Go First, which has been undergoing an insolvency process since May of this year, according to sources.

Go First’s resolution professional invited EoIs for the carrier’s sale in July. Sources have confirmed that JPL has filed an EoI for Go First in the National Company Law Tribunal (NCLT). These sources have indicated that the company is currently evaluating the business and the offers on the table.

“The company believes that the aviation market in India needs more players to enhance competition and benefit Indian passengers. This EoI is solely to assess the feasibility of acquiring the business,” mentioned one of the sources.

A text message sent to the spokesperson of JPL remained unanswered until the time of press.

JPL is a part of the OP Jindal Group and possesses 3.4 gigawatt of thermal power generation assets. JPL is one of the companies owned by Naveen Jindal, the youngest son of O P Jindal, with

Jindal Steel and Power being another prominent company in the group.

In recent weeks, the resolution professional at Go First has been working to revive the airline with limited flights. However, securing funding from lenders has proven to be challenging due to ongoing legal cases filed by aircraft lessors.

After Go First airline ceased its flights on May 3, its lessors submitted applications with the Directorate General of Civil Aviation to repossess more than 40 of the airline’s 54 planes. Nevertheless, the NCLT imposed a moratorium on all Go First’s assets on May 10, preventing the lessors from reclaiming their planes.

Multiple lessors of Go First have filed appeals in higher tribunals and courts to repossess the planes.