go firstImage Credit source: File Photo
A big update has come out regarding Go First. Earlier the flight of the airline was scheduled to start in the last week of May, but now it has been postponed to the first week of July. Also, all the flights of the airline have been canceled till June 28. In fact Rs 425 crore is needed to start the operation of Go First. For which resolution professionals are engaged in making arrangements. Let us tell you that GoFirst flights were suddenly stopped in the first week of May. After which the promoters went into sovereign insolvency in NCLT.
All flights canceled till 28
Due to Go First being embroiled in bankruptcy proceedings, a new tranche of flight cancellations has been announced on Saturday. Flights have now been canceled till June 28. The flights of GoFirst have been stopped for almost two months, due to which the passengers have to bear the brunt. However, the company assured that it would be able to resume bookings soon. The airline said in a tweet that we are sorry to inform you that due to operational reasons, GoFirst flights scheduled till 28 June 2023 have been cancelled. We apologize for the inconvenience caused by the flight cancellation.
Planning to start flats in July
The aircraft of this cash-strapped airline have been grounded since May 3 and flights were earlier canceled till June 25. The company is fighting for revival for immediate resolution and revival of operations. It initially planned to resume flights by the end of May and is now planning to operate 78 daily flights with 22 aircraft from July.
The company went into bankruptcy process in May
GoFirst applied for sovereign insolvency proceedings in early May and later suspended its flight operations due to mounting losses. The company cited delays in the delivery of Pratt & Whitney engines, which caused the grounding of a portion of its fleet. The matter is pending before NCLT. Earlier on Wednesday, the company had reportedly demanded additional funds in the lenders’ meeting.
According to a Reuters report citing banking sources, the company – which is currently under bankruptcy protection – is seeking 4 billion to 6 billion rupees in additional funds. GoFirst owes Rs 65.21 billion to Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank.
