Go First’s Resolution Professional Shailendra Ajmera will meet the Directorate General of Civil Aviation to discuss the revival plan and seek its nod for resumption of flights after the airline’s creditors approved interim funding.
| Photo Credit: Reuters
Go First’s Resolution Professional Shailendra Ajmera will meet the Directorate General of Civil Aviation (DGCA) on June 28 to discuss the revival plan and seek its nod for resumption of flights after the airline’s creditors approved interim funding.
“The Resolution Professional will make a presentation on the contours of the business revival plan approved by the Committee of Creditors,” a senior DGCA official told The Hindu.
Also read: Go First cancels all flights until June 30
The meeting follows the decision of the consortium of lenders comprising Central Bank of India, Bank of Baroda, and IDBI Bank to extend credit worth ₹425 crore for reviving the airline.
On May 24, the regulator had sought a comprehensive restructuring plan for sustainable revival of operations within 30 days, which it said should include the availability of operational fleet, pilots and other personnel, maintenance arrangement, funding as well as arrangements with lessors and other vendors.
Go First suspended flight operations from May 3 and immediately filed for voluntary insolvency before the National Company Law Tribunal (NCLT) blaming delays on the part of engine manufacturer Pratt and Whitney for its inability to meet its financial obligations. The court admitted the airline’s plea and granted the airline an interim moratorium as protection from lenders, lessors, airports, and the regulator, among others.
For all the latest business News Click Here
