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
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.
ADVERTISEMENT
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.
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.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
