{"id":37323,"date":"2023-06-28T22:32:01","date_gmt":"2023-06-28T17:02:01","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=37323"},"modified":"2023-07-04T17:58:27","modified_gmt":"2023-07-04T12:28:27","slug":"go-first-proposes-new-revival-plans-to-dgca-aims-to-resume-operations-with-160-flights","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2023\/06\/28\/go-first-proposes-new-revival-plans-to-dgca-aims-to-resume-operations-with-160-flights\/","title":{"rendered":"Go First Proposes New Revival Plans to DGCA, Aims to Resume Operations with 160 Flights"},"content":{"rendered":"\n

MUMBAI-<\/strong> Cash-strapped airline Go First (G8)<\/a> has submitted its revival plan to the Directorate General of Civil Aviation (DGCA), proposing a swift resumption of operations, as per reports.<\/p>\n\n\n\n

Go First’s resolution professional, Shailesh Ajmera, and former CEO Kaushik Kona met with DGCA officials to discuss the revival plan of the grounded airline, according to CNBC-TV18.<\/p>\n\n\n\n

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Photo: Tobias Gudat<\/figcaption><\/figure>\n\n\n\n

Go First to Resume Operations<\/h2>\n\n\n\n

The proposal submitted by Go First outlines the airline’s plan to restart operations by utilizing a fleet of 26 aircraft. Further, including four additional planes on standby, as reported by CNBC-TV18. <\/p>\n\n\n\n

The airline aims to operate from 22 airports, serving 78 routes with an estimated 160 daily flights.<\/p>\n\n\n\n

Despite announcing fresh flight cancellations until June 30 due to operational reasons, Go First has assured passengers that it will be able to resume bookings shortly.<\/p>\n\n\n\n

As stated by sources, the resolution professional has assured the DGCA that an adequate workforce will support the airline’s operations. <\/p>\n\n\n\n

In response to the resumption plan, the DGCA has indicated that it will conduct an inspection audit next week to evaluate Go First’s preparedness.<\/p>\n\n\n\n

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Photo: Tobias Gudat<\/figcaption><\/figure>\n\n\n\n

Interim Funding Approval Brings Hope for Resumption<\/h2>\n\n\n\n

Go First, which filed for bankruptcy, has secured approval from lenders for interim funding of \u20b9450 crores. Further potentially paving the way for the grounded airline to resume operations. <\/p>\n\n\n\n

The decision was made at a joint lenders’ meeting, which included the Central Bank of India, Bank of Baroda, and IDBI Bank.<\/p>\n\n\n\n

Go First filed for voluntary bankruptcy before the National Company Law Tribunal (NCLT) in early May. Further attributing the grounding of its fleet to delays by US-based engine maker Pratt and Whitney in meeting its obligations. <\/p>\n\n\n\n

The NCLT granted an interim stay to protect the airline from lenders, lessors, airports, and regulators.<\/p>\n\n\n\n

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Photo: DN280<\/figcaption><\/figure>\n\n\n\n

Go First Audit by Banks<\/h2>\n\n\n\n

Approval for the appointment of Shailendra Ajmera from EY as the resolution professional (RP) for the debt-ridden airline was granted by the NCLT on June 15, as requested by the Committee of Creditors (CoC).<\/p>\n\n\n\n

Previously, the NCLT appointed Abhilash Lal, backed by Alvarez and Marsal, as the interim resolution professional (IRP) based on the airline\u2019s recommendation.<\/p>\n\n\n\n

As of April 28, 2023, Go First Airlines\u2019 outstanding debt to various lenders, including Bank of Baroda, Central Bank of India, IDBI Bank, and Deutsche Bank, amounted to Rs 6,521 crore.<\/p>\n\n\n\n

Banks have faced significant losses in the past due to the collapse of Kingfisher Air and Jet Airways. Both are burdened with substantial debt.<\/p>\n\n\n\n

A source stated, \u201cNow that the resolution professional has been appointed, he will conduct a transaction audit. Once the transaction audit is completed, lenders could conduct a forensic audit of the airline\u2019s book. Further Lenders are likely to take a call on this in a week\u2019s time.\u201d<\/p>\n\n\n\n

Stay tuned with us. Further, follow us on social media for the latest updates.<\/p>\n\n\n\n

Join us on Telegram Group <\/a>for the Latest Aviation Updates. Subsequently, follow us on Google News<\/a>.<\/p>\n\n\n\n

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Go First Need Clearance from Singapore Court to Fly Again<\/a><\/blockquote>