Go First is now looking to restart its flight operations by the end of this month. The ailing airline, which filed for voluntary insolvency on May 3, is hopeful that the new interim resolution professional, appointed by the committee of creditors (CoC) last week, will shortly give approval to its revival plan, which will subsequently be cleared by the lenders.
The lenders are also expected to approve the additional funding sought by the airline. Sources said that the carrier is looking at an interim funding of `200-400 crore to restart operations.
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As reported by FE, Go First had earlier submitted a revival plan, which had the approval of the previous IRP, to the directorate general of civil aviation (DGCA). However, the aviation regulator had said that the plan should be ratified by the CoC.
In the revival plan, according to sources, the airline has said it can operate 157 daily flights against 167 it flew earlier.
Meanwhile, on Thursday, the National Company Law Tribunal (NCLT) approved the appointment of Shailendra Ajmera as the new IRP. The CoC had last week unanimously voted to appoint Ajmera in place of earlier IRP Abhilash Lal.
The tribunal has asked Ajmera to file replies to the applications filed by aircraft and engine lessors who want to take back their aircraft and have already petitioned the DGCA to this effect.
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Go First’s CoC includes Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank as the main lenders to the airline. The carrier owes `6,521 crore to its financial creditors, according to filings with the NCLT.
The airline has said that it will be able to initially deploy 12-15 aircraft, which can go up to 22-23 for the scheduled services.