A senior official confirmed that the Directorate General of Civil Aviation (DGCA) is currently reviewing the report of a special audit conducted on Go First, an airline undergoing insolvency resolution. The purpose of the special audit was to assess Go First’s operational readiness, and it was conducted between July 4 and 6, covering the carrier’s facilities in Mumbai and Delhi.
Go First stopped operations from May 3
Go First, which had operated for over 17 years, ceased operations on May 3 due to financial difficulties. Go First and aircraft lessors are involved in a legal dispute in the Delhi High Court, and the court’s ruling will be influential in the proceedings under the Insolvency and Bankruptcy Code (IBC).
Once the DGCA considers the findings from the audit and other relevant factors, it will make a decision regarding the approval of Go First’s revival plan. The airline’s Resolution Professional, Shailendra Ajmera, has invited Expressions of Interest (EoIs) from potential bidders for the grounded airline. The deadline for submitting EoIs is August 9, and the list of prospective resolution applicants will be announced on August 19.
Go First has approximately 4,200 employees, and its revenue from operations in the previous financial year (ending March 2022) amounted to Rs 4,183 crore. The airline’s liabilities stand at around Rs 11,463 crore. As of now, all flights of Go First have been canceled until July 14.
(With agency inputs)