INVC NEWS
New Delhi :The Directorate General of Civil Aviation (DGCA), which is the aviation regulator in India, will carefully review the documents related to the revival plan of GoFirst (formerly known as GoAir) and conduct an audit of the airline’s operational preparedness before granting approval for it to resume operations. The airline, owned by the Wadia family, is currently undergoing voluntary insolvency resolution.
In a meeting held in the national capital, senior representatives of GoFirst’s management discussed various aspects of the revival plan with DGCA officials. During this meeting, the airline’s resolution professional, Shailendra Ajmera, backed by Ernst & Young (EY), and interim CEO Kaushik Khona, presented a detailed plan for the airline’s revival.
Upon completion of the verification process of the submitted documents, DGCA will also conduct an operational audit to assess the airline’s readiness to resume its services.
As part of the revival efforts, the airline’s lenders have committed interim funding of approximately Rs 450 crore. This funding is crucial, considering that the estimated day-to-day operational cost for the airline is around Rs 10 crore.
GoFirst is reported to have an adequate manpower strength of approximately 300 pilots, which is expected to support its efforts to resume operations successfully.
The revival process has gained momentum following the formation of the airline’s Committee of Creditors (CoC) on June 10, which includes representatives from Bank of Baroda, Central Bank of India, IDBI Bank, and Deutsche Bank.
Please note that the information provided here is based on sources familiar with the matter and may be subject to further updates as the situation develops.
