Go First has announced an Expression of Interest (EoI) for potential bidders. The insolvency process overseen by resolution professional Shailendra Ajmera has set 9 August as the deadline for bid submissions, reports Hindu Businessline.
As part of the ongoing process, a newspaper advertisement was published on Monday to inform interested parties.
Two bankers aware of the developments, expect Wadia Group — which used to own Go First, before it started bankruptcy proceedings — to be part of its insolvency process, as per Reuters report.
Go Airlines currently has 4,200 employees on its payroll, per the advertisement. However, in its submission to NCLT, the airline had stated that it employed 7,000 individuals.
“Company operates in the aviation sector and has assets located across the country in various airports. The total revenue from operations for FY 2021-22 is 4,183 crore,” the ad stated.
The resolution professional will closely monitor the received expressions of interest (EOIs) by the 9 August deadline.
Subsequently, a provisional list of interested parties will be announced on 19 August.
GoFirst has filed an appeal in the Delhi High Court against an order that granted the lessors access to the aircraft. The outcome and implications of this appeal are yet to be determined.
An appeal from Swarajya
At Swarajya, we rely on our readers' support through subscriptions to sustain our media platform. Unlike larger conglomerates, we are unable to relentlessly chase advertising money — our model is largely built on your patronage.
Your support has never been more crucial. We work tirelessly to deliver 10-15 high-quality articles daily, ensuring you receive insightful content from 7 AM to 10 PM.
If you believe India's story has to be articulated in a way it has never been done before without shrugging it off, become a patron (or) subscribe now for ₹̶2̶4̶0̶0̶ ₹1999 and get 12 print issues, unlimited digital access for 1 year, a special India that is Bharat T-shirt (Offer ends soon).
We are counting on you!