Wadia Group-owned airline Go First's Resolution Professional Shailendra Ajmera has invited Expression of Interest (EOI) for the currently-grounded airline by August 9, 2023. The Go First EOI advertisement has been published in several newspapers.
The advertisement stated that the last date for the receipt of prospective resolution is August 9 and the date of issue of the provisional list is August 19. The last date for submission of objections to the provisional list is August 24, 2023.
The advertisement also stated that the airline's total revenue from operation for FY22 was Rs 4,183 crore and it had approximately 4,200 employees.
According to the Insolvency and Bankruptcy Board of India (IBBI), it has prescribed Form G to publish the EOI, which has to be done within 75 days from the day the National Company Law Tribunal (NCLT) admits the application of the corporate insolvency resolution process.
According to regulation 36A of the IBBI Regulations, 2016, a resolution professional needs to issue an EOI, on the behalf of the Committee of Creditors in the form of a public advertisement. This is done for the submission of resolution plans for the purpose of revival of a corporate debtor.
Last week, the Directorate General of Civil Aviation (DGCA) conducted a special audit of the Go First facilities in Delhi and Mumbai from July 4 to 6. The aviation regulator is expected to come out with special audit result soon. Go First ceased operations on May 2 and at the moment, its flight operations remain cancelled till July 12.
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