Northeast-based Jettwings Airways has submitted its Expression of Interest (EoI) for Go First Airlines, currently facing a corporate insolvency resolution process, the company said in a statement. Sanjive Narain and Anupma Sarma are the promoters of the Guwahati-based Jettwings Airways.
Jettwings Airways recently received a No Objection Certificate (NOC) from the Civil Aviation Ministry to operate as a scheduled commuter airline. The carrier in the statement also said it has robust plans to connect major destinations across the country with its base in Guwahati.
Apart from Jettwings Airways, Jindal Power has also put in its preliminary bids for the bankrupt Go First. News agency Press Trust of India (PTI) quoted an industry source saying, "Jindal Power may go for a bid if they find a relatively cheaper valuation. The company has submitted an EoI to get a valuation of the asset & its documents, and is evaluating every aspect minutely."
The final list of prospective resolution applicants will be issued in the coming weeks and the Request for Resolution Plan (RFRP) will be issued. Under IBC, a period of 30 days is allowed for suitors to submit bids from the date of issue of RFRP. Meanwhile, the 180-day period for CIRP completion for Go First is set to end on November 6 and lenders are expected to take a call on seeking extension.
Budget carrier Go First stopped flying on May 3 and went for a voluntary insolvency resolution process. Go First's total revenue from operations stood at Rs 4,183 crore in the financial year 2021-22.
(Edited by : Ajay Vaishnav)
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