Go First Resolution Professional Invites EoIs

On May 2, the city-based airline filed for initiating voluntary insolvency proceedings at the National Company Law Tribunal (NCLT), citing huge revenue losses, owing to the non-supply of aircraft engines by US engines maker Pratt & Whitney

PTI

Updated on: 10 July 2023 7:12 pm

Two Go First aircraft have been grounded by DGCA after engine snags

The Resolution Professional (RP) of Go First on Monday invited expressions of interest (EoI) for the grounded airline.

The deadline to submit the EoIs is August 9, 2023, while the final list of eligible prospective resolution applicants (RPAs) will be declared on August 19, Go First RP, Shailendra Ajmera, said in a public notice.

The last date for submission of objections to the provisional list is August 24, according to the notice.

On May 2, the city-based airline filed for initiating voluntary insolvency proceedings at the National Company Law Tribunal (NCLT), citing huge revenue losses, owing to the non-supply of aircraft engines by US engines maker Pratt & Whitney.

The court admitted the plea on May 10.

Go First stopped flight operations from May 3 amid a financial crunch caused by grounding of more than half of its fleet due to non-availability of Pratt & Whitney engines.

The airline has about 4,200 employees, according to the notice. It clocked a revenue of Rs 4,183 crore from operations in the financial year ended March 2022, according to the public notice.

Go First has liabilities worth Rs 11,463 crore in its balance sheet, according to the airline.

In early June, the Go First Committee of Creditors (CoC) comprising Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank, was put in place to expedite the sale process.

The airline late last month submitted a CoC-approved revival plan to the aviation safety watchdog Directorate General of Civil Aviation (DGCA), seeking its go-ahead.

The DGCA ordered a special safety audit by a team of its experts, which was carried out across its facilities in Mumbai and Delhi from July 4-6, prior to taking a call on allowing resumption of flight operations.

The DGCA report is expected this week.

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