As SpiceJet Bids For Bankrupt Go First, Here's A List Of Airlines In India That Bit The Dust

More than nine months after Go First filed for bankruptcy in May 2023, its rival SpiceJet¡¯s CEO Ajay Singh and EaseMyTrip co-founder Nishant Pitti¡¯s Busy Bee Airways have submitted a bid for the bankrupt airline. Their bid, which is reportedly of Rs 600 crore, is competing against a little-known Sharjah-based company named Sky One,whose bid is estimated to be Rs 170 crore.

While SpiceJet and Easemytrip battle it out with Sharjah based Sky One to acquire Go First, let us have a look at the long list of airlines in India which have bit the dust by going bankrupt in the past.

From Go First To Kingfisher: List Of Airlines That Went Bankrupt

airlines bankrupt/investopedia

Also Read: UK's Second-Biggest City Birmingham Has Declared Itself Bankrupt

1.Go First (2005-2023)

gofirst bankruptcy/gofirst

Budget-friendly carrier Go First had filed for bankruptcy on May 2, citing financial losses caused by the Covid-19 pandemic, increased fuel costs and engine procurement issues. Originally named as GoAir, Go First was set up in 2005 by India¡¯s oldest running business group, Wadia Group.

2.Air Sahara (1993-2007)

Established in 1993, Air Sahara provided both local and international aviation services. The airline was based in New Delhi and operated a fleet of Boeing 737 and Embraer aircraft. However, the fierce competition in the Indian aviation market caused it to experience financial difficulties, and in 2007 it was sold to Jet Airways.

3.Jet Airways (1993-2019)

jet airways/et

Jet Airways started out as an air taxi company. It began operating flights in 1995. However, a debt crisis forced it to shut down operations in 2019. The airline had experienced years of financial hardship, which resulted in the accumulation of debt that it was unable to pay back. Thousands of passengers were left stranded when the airline's operations were eventually suspended.

4.Air Deccan (2003-2007)

As the first low-cost airline in India, Air Deccan was established in 2003. It had a fleet of Airbus A320 and ATR aircraft and operated both domestic and international flights. But because of fierce competition in the Indian aviation market, the airline had financial difficulties and was eventually acquired by Kingfisher Airlines in 2007.

5.Kingfisher Airlines (2005-2012)

Kingfisher Airlines /Wikipedia

2005 saw the founding of Kingfisher Airlines by Indian billionaire Vijay Mallya. The airline had a fleet of Airbus A320 and ATR aircraft and operated both domestic and international flights. However, because of poor management and a high debt load, it had financial difficulties. After it failed to pay off its debts, the airline ceased operations in 2012 and was formally shut down in 2014.

6.Vayudoot (1981-1997)

India's Vayudoot was a regional airline that flew from 1981 until 1997. Inadequate infrastructure and a lack of government support caused the airline to experience financial difficulties. Eventually, the airline's operations were discontinued as a result of growing losses.

7.ModiLuft (1993-1996)

A significant Indian conglomerate, the Modi group, founded ModiLuft in 1993. The airline had a fleet of Boeing 737 aircraft and operated both domestic and international flights. However, as a result of fierce competition in the Indian aviation market, the airline encountered financial difficulties and was ultimately forced to close in 1996.

8.Damania Airways (1993-1997)

damania airways/forums.x-plane

The Damania family, a well-known Indian business family, founded Damania Airways in 1993. The airline had a fleet of Boeing 737 aircraft and operated both domestic and international flights. However, the high cost of fuel and fierce competition in the Indian aviation market caused it to experience financial difficulties. The UB Group eventually purchased the airline and went on to launch Kingfisher Airlines.

9.East-West Airlines (1992-1996)

Established in 1992, East-West Airlines provided both local and international air transportation services. The airline was based in Kolkata and operated a fleet of Boeing 737 aircraft. But because of poor management, it ran into financial difficulties and was eventually shut down in 1996.

10.NEPC Airlines (1993-1997)

Established in 1993, NEPC Airlines provided both local and international air transportation services. The airline was based in Chennai and operated a fleet of Fokker and Boeing 737 aircraft. However, poor management caused the airline to have financial difficulties, which led to its closure in 1997.

11.Paramount Airways (2005-2010)

Paramount Airways

Established in 2005, Paramount Airways provided both local and international aviation services. Based in Chennai, the airline operated a fleet of Boeing 737 and Embraer aircraft. High debt levels caused financial difficulties, which ultimately led to its closure in 2010.

12Air Costa (2013-2017)

An Indian regional airline was called Air Costa. Due to low passenger traffic, a competitive market, and high operating costs, it encountered financial difficulties. Unpaid debts to the airline's lessors ultimately resulted in the grounding of its fleet and the airline's demise.

13.MDLR Airlines (2007-2009)

The airline was founded in 2007 and is under the ownership of the MDLR Group, Murli Dhar Lakh Ram. It attempted to operate under the full-service model, offering "pure vegetarian food" to its patrons, but it failed to make aircraft lease payments. In 2009, it ceased operations.

14.Gujarat Airways (1995-2001)

From 1995 to 2001, Gujarat Airways, a private airline based in Vadodara, India, was in operation. Operating feeder routes in West and South India, it flew a fleet of Beech 1900 aircraft. The company used "Wings of Comfort" as its slogan.

15.Air Pegasus (2007-2016)

air pegasus airlines/wikidata

Air Pegasus, based in Bangalore, started operating in April 2015. It was a division of Decor Aviation, a provider of aircraft ground handling services. Still, it was a fleeting marvel. The company ceased operations in July 2016 due to increasing financial obligations and technical problems. The airline used to fly to eight domestic locations with a fleet of three aircraft.

16.Air Carnival (2016-2017)

Air Carnival was an Indian regional airline that was founded in 2013 and was primarily focused on chartered flights. It was promoted by the Coimbatore Marine College (CMC) Group. In 2016, it began offering passenger services. After its employees went on strike in 2017 over unpaid dues and salaries, the organization had to close.

Also Read: 10 Big Companies That Bounced Back From The Brink Of Bankruptcy

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here