DGCA has announced that it will conduct a special audit of Wadia-owned Go First (G8), which filed for bankruptcy two months ago, to assess its readiness for resuming operations.
Go First
MUMBAI- Cash-strapped airline Go First (G8) has submitted its revival plan to the Directorate General of Civil Aviation (DGCA), proposing a swift resumption of operations, as per reports.
Cash-strapped Go First (G8) has received approval from its creditors for interim restart funds of Rs 425 crore to revitalize the airline.
Go First (G8) Airlines resolution professional (RP) Shailendra Ajmera has approached the airlines’ financiers, seeking Rs 425 crore in interim finance to kickstart a revival plan that could facilitate the restart of operations,
Go First (G8), a financially strained budget airline, has requested additional funding of Rs 400-600 crore from its lenders to revive its operations.
Go First (G8), has once again extended the flight cancellations till June 25, and it will not restart operations until DGCA and MoCA give it permission to do so.
In a bid to assess the potential diversion of funds, banks are set to conduct a forensic audit of the cash-strapped Go First Airline (G8), which recently filed for bankruptcy protection.
Wadia-backed Indian ultra-low-cost carrier, Go First (G8) pilots plan to raise a complaint with resolution professional (RP) Shailendra Ajmera, stating that the airline has failed to issue the promised pay increment letters.
Indian low-cost carrier Go First (G8), which filed for bankruptcy protection in May, is set to restart operations by the end of the month.
According to a report, the creditors of Go First (G8) Airlines have taken decisive action by replacing the officials associated with the company’s bankruptcy proceedings.