GoAir

GoAir was founded on 4 November 2005 by Jehangir Wadia, son of Indian industrialist Nusli Wadia. The airline is a wholly owned subsidiary of the Wadia Group. GoAir commenced its operations using an Airbus A320 aircraft and operated its inaugural flight from Mumbai to Ahmedabad on 4 November 2005. The airline initially operated with a single aircraft to four destinations, including Goa and Coimbatore, with plans to induct 36 aircraft by 2008. In March 2008, the airline announced revised plans to operate 11 aircraft and service new destinations in the North East and South India by the end of the year. However, increasing fuel prices forced GoAir to cut down the existing number of flights in June 2008.

In January 2009, British Airways was interested in buying a stake in the airline. In November 2009, GoAir entered into talks with Indian airline SpiceJet over a possible merger, but the discussions ended without a deal. In April 2012, GoAir became the fifth largest airline in India in terms of market share following the demise of Kingfisher Airlines. In 2013, the airline appointed investment bank JP Morgan to scout for potential investors.

The airline's growth was slow compared to other airlines established around the same time, such as IndiGo and SpiceJet, which had larger market shares, fleet sizes, and more destinations served by 2016. According to the airline, it was a planned strategy due to the tough aviation environment in India, focusing on maintaining profitability rather than capturing market share or increasing the number of destinations and fleet size. In February 2016, it was the fifth-largest carrier in the country with an 8% market share. The airline was planning an initial public offering in 2016. It took delivery of its 20th aircraft in June 2016, making it eligible to operate international flights. GoAir became the sixth Indian domestic carrier to fly internationally when it launched its inaugural flight to Phuket from Delhi on 11 October 2018. On 17 March 2020, amidst the COVID-19 pandemic, GoAir suspended all its international flights. On 13 May 2021, GoAir was rebranded as Go First. In 2021, the airline once again planned to launch an IPO to raise ₹36 billion (US$370 million).

In 2023, the airline faced operational issues, resulting in the cancellation of multiple flights. The airline claimed to have been largely impacted by supply chain issues with Pratt & Whitney PW1000G engines, which power its entire fleet of Airbus A320neo aircraft. Subsequently, the airline filed for voluntary insolvency resolution before the National Company Law Tribunal (NCLT) on 2 May 2023. The airline also sued Pratt & Whitney in a United States federal court, seeking to enforce an arbitral award directing the supply of engines as contracted. Pratt & Whitney disputed these claims.

The airline sought interim directions from NCLT to continue functioning and requested restrictions on any adverse regulatory action, but this was denied. Owing to non-payment of rental dues, leasing companies repossessed the airline's leased planes. On 26 June 2023, the airline's creditors approved an interim financing of ₹425 crore (US$44 million) aimed at returning it to operation, pending board approval. In mid-August 2023, the airline sought emergency funding of ₹100 crore (US$10 million) to keep itself afloat. On 13 February 2024, it was announced that Go First had received a 60-day extension for its insolvency resolution process, allowing potential investors to submit their proposals for the carrier's revival. This was the second extension given to Go First, and also the last one it could expect. The airline attracted interest from multiple investors, including SpiceJet.

As of February 2024, Ajay Singh, the Chairman and Managing Director of SpiceJet, along with Nishant Pitti, majority stakeholder of Busy Bee Airways and co-founder of EaseMyTrip, submitted a bid for GoFirst amounting to ₹600 crore (US$62 million). The total dues of Go First—including claims from vendors and lessors—were pegged at ₹11,463 crore (US$1.2 billion), which they planned to pay off by 'monetising' two land parcel owned by Go First in Mumbai. According to the bid, Nishant Pitti would hold a majority stake of 60%, with the remaining shares held by Ajay Singh. They planned to start operations using 15 aircraft. There was also another bidder for the airline, Sharjah-based Sky One FZE.

On 1 May 2024, the Directorate General of Civil Aviation deregistered all 54 aircraft leased to Go First following a Delhi High Court order issued on 26 April. After filing for bankruptcy in May 2023, the lessors of these aircraft have since been engaged in a fierce battle with the former owner of the airline, lenders, and the resolution professional to regain control of their aircraft.