11 July,2023 05:08 PM IST | New Delhi | PTI
Representative image/iStock
The Directorate General of Civil Aviation (DGCA) is analysing the report of the special audit of grounded Go First, which is undergoing insolvency resolution process, a senior official said on Tuesday.
Cash-strapped Go First, which had been flying for more than 17 years, stopped operations from May 3.
The official said the watchdog is currently analysing the report of the special audit of Go First.
The special audit was done to check the operational preparedness of Go First. The audit, conducted from July 4 to 6, covered facilities of the carrier in Mumbai and Delhi.
ALSO READ
Mid-Day Top News: Mulund residents to sue state and more
Line of Actual Control face-off still tense in eastern Ladakh
President Murmu greets citizens on Gandhi Jayanti eve
Mansukh Mandaviya to lead coastal cleanliness drive in Porbandar
IAF capable of giving befitting reply to country's enemies: Rajnath Singh
Meanwhile, Go First and aircraft lessors are engaged in a legal battle before the Delhi High Court.
According to the official, 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).
After taking into account the audit findings and other factors, the DGCA will decide on approving Go First's revival plan.
On Monday, Go First's Resolution Professional Shailendra Ajmera invited Expressions of Interest (EoIs) from potential bidders for the grounded airline.
The deadline for submitting EoIs is August 9 and the final list of prospective resolution applicants will be declared on August 19, according to the public notice.
The carrier has around 4,200 employees. It had a revenue of Rs 4,183 crore from operations in the financial year ended March 2022. Its liabilities are about Rs 11,463 crore.
The airline has cancelled all its flights till July 14.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.
