Go First Has 'Very Tight Schedule'; Needs To Raise Funds: IRP Tells Staff

Go First has a very tight schedule and has to raise funds to get the business running, the cash-strapped airline's Interim Resolution Professional Abhilash Lal told staff on Thursday.
     
A day after being appointed as the IRP following admission of the Go First's voluntary insolvency resolution petition by the NCLT, Lal addressed the carrier's staff during a virtual town hall, according to sources in the know.
     
The budget airline stopped flying from May 3 and filed the insolvency petition due to fund crunch caused by the grounding of many planes in the wake of non-availability of Pratt & Whitney engines.
     
"We are working on a tight schedule... we have to get the business running... we have to raise funds to do that," Lal told the employees.
     
Seeking their cooperation, he said the company has a very tough and busy 180 days ahead with the entire insolvency process to be completed within that time period.
     
Lal said that for the next one month till his appointment is ratified by the company’s lenders, he will be responsible for keeping this company as a going concern.
     
"Going concern means everything remains unchanged including your roles and responsibilities," he said.
     
Go First case is unique where promoters themselves have sought bankruptcy, which is done so that they are able to restructure the business, he added.
     
"I am sure they will be one of the resolution applicants,” Lal said, adding that the law is strong and will drive towards successful resolution within the indicated time.
     
The airline is undergoing insolvency resolution proceedings under the Insolvency and Bankruptcy Code (IBC).