{"id":38504,"date":"2023-07-11T20:13:23","date_gmt":"2023-07-11T14:43:23","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=38504"},"modified":"2023-07-20T22:08:35","modified_gmt":"2023-07-20T16:38:35","slug":"dgca-reviving-go-first-audit-report","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2023\/07\/11\/dgca-reviving-go-first-audit-report\/","title":{"rendered":"DGCA is Reviving the Go First Audit Report"},"content":{"rendered":"\n

DELHI-<\/strong> The Directorate General of Civil Aviation (DGCA)<\/a> is analyzing the report of a special audit of grounded Go First (G8)<\/a>, which is undergoing an insolvency resolution process.<\/p>\n\n\n\n

The audit was conducted from July 4 to 6 and covered the facilities of the carrier in Mumbai and Delhi.<\/p>\n\n\n\n

\"The
Photo: Harsh Tekriwal<\/figcaption><\/figure>\n\n\n\n

Go First DGCA Audit<\/h2>\n\n\n\n

The DGCA will decide on approving Go First’s revival plan after taking into account the audit findings and other factors. Cash-strapped Go First, which had been flying for more than 17 years, stopped operations on May 3.<\/p>\n\n\n\n

The special audit is done to check the operational preparedness of Go First. The airline and aircraft lessors are engaged in a legal battle before the Delhi High Court.<\/p>\n\n\n\n

The high court’s ruling in this regard would also be a key factor in terms of the proceedings under the Insolvency and Bankruptcy Code (IBC).<\/p>\n\n\n\n

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

Airline on Sale<\/h2>\n\n\n\n

A resolution professional overseeing the insolvency process for Go First (G8)<\/a> has initiated the next phase by inviting an Expression of Interest (EOI) for the sale of the carrier, as reported in an advertisement in ET on Monday.<\/p>\n\n\n\n

The deadline for submitting interest in the airline has been set for August 9.<\/p>\n\n\n\n

The publication of Form G, which relates to the invitation for EoI, is an important step towards concluding the insolvency process, stated Abhirup Dasgupta, a partner at HSA Advocates, as reported by Reuters<\/em>.<\/p>\n\n\n\n

Concerns have arisen among lenders due to a Delhi High Court order prohibiting the airline from removing any parts from the aircraft it intends to fly.<\/p>\n\n\n\n

The lessors, who own the aircraft, are now facing a ban imposed by the National Company Law Tribunal (NCLT) on recovering the aircraft during the ongoing Insolvency and Bankruptcy Code (IBC) process.<\/p>\n\n\n\n

Go First filed for bankruptcy protection in May, attributing the grounding of nearly half of its 54 Airbus A320neo planes to \u201cfaulty\u201d Pratt & Whitney engines. In response, the engine company refuted the airline\u2019s claims.<\/p>\n\n\n\n

According to Indian law, the EoI process marks the formal commencement of seeking potential buyers or investors for the airline.<\/p>\n\n\n\n

The carrier has around 4,200 employees. Its revenue was Rs 4,183 crore from operations in the financial year ended March 2022. Its liabilities are about Rs 11,463 crore.<\/p>\n\n\n\n

The airline has canceled all its flights till July 14.<\/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 to Restart with 15 Aircraft and 114 Daily Flights<\/a><\/blockquote>