Go Airlines’ Resolution Professional Seeks Bids From Suitors

Resolution Professional Shailendra Ajmera asks suitors to submit expression of interest for the distressed carrier by 9 August
Go Airlines’ Resolution Professional Seeks Bids From Suitors
Image Source: Go First

Go Airlines (India) Ltd.’s Resolution Professional Shailendra Ajmera is seeking expression of interest for the distressed carrier from potential suitors.

The last date to submit expression of interest for Go Airlines at gofirstresolution@gmail.com is 9 August, Ajmera said in a public notice.

The provisional list of prospective resolution applicants will be issued on 19 August, he added.

Go Airlines was admitted into voluntary insolvency resolution following an application by the company amid cash crunch.

The company, which operated ultra-low-cost airline Go First, is yet to begin its operations and has canceled its scheduled flights until 12 July as per current information due to “operational” reasons.

The National Company Law Tribunal (NCLT) had to issue an advisory recently after the distressed ticket holders of bankrupt carrier bombarded the tribunal with refund claims. The NCLT said the passengers should submit their claims before the resolution professional as per the provisions of the bankruptcy law.

Go Airlines, which employs around 4,200 people, reported a total revenue from operations of 4,183 crore rupees ($506 million) in FY22, according to the notice.

Note: $1 = 82.6617 Indian rupees

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