Indian budget carrier Go Airlines (India) Ltd, which filed for bankruptcy on Tuesday, owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed.
However, Axis Bank, in a statement to stock exchanges, clarified that it has no outstanding exposure to the airline.
An official at Central Bank of India said the bank's total exposure to the airline is 20 billion rupees. The person spoke on condition of anonymity as they are not allowed to speak to the media.Go First has also borrowed 12.92 billion rupees under the government's emergency credit scheme introduced during the Covid crisis. As part of the scheme, the government guarantees loans given out by banks to the company.
"Currently, the assets of the company are not sufficient to meet its liabilities," the airline said in the filing.
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