The scrap heap of billionaires’ failed airlines is poised for another entry from India

Another Indian airline founded by a billionaire is on the brink of shutting down for good, having tried and so far failed to attract a savior after entering bankruptcy protection in May. Go Airlines India’s chances are fading. CEO Kaushik Khona quit at the end of November, saying he couldn’t get the carrier flying again and that staff hadn’t been paid for six months. Go flight attendants and pilots are looking for jobs elsewhere. Meanwhile, Jindal Power Ltd. — Go’s sole potential buyer under its insolvency resolution process — has decided not to bid. Local media reported that Jindal couldn’t assess Go’s value because it is unclear how many planes it will have, after the aviation regulator signaled its aircraft should be returned to lessors. Go, which has 54 Airbus SE A320neos stuck on the ground, didn’t respond to requests for comment. Jindal also didn’t respond to requests for comment. If Go collapses for good, it would be the 12th Indian airline to do so this century, despite all having a vast and increasingly mobile population at their door. Go’s backers spoke of the challenge of operating with prohibitively high costs, particularly on fuel, and simultaneously needing to offer cut-price fares. Go’s creditors, including state-run Central Bank of India, Bank of Baroda and Deutsche Bank AG, may sell assets in a piecemeal fashion, said Sandeep Bajaj, a lawyer who represented some operational creditors in the insolvency case of Jet Airways India Ltd. Go owed about 65b rupees ($780m) to financial creditors as of April and its total liabilities were 115b rupees.<br/>