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Go First has initiated the Expression of Interest (EoI) process to seek potential bidders as part of its ongoing insolvency proceedings. The airline’s resolution professional, Shailendra Ajmera, has set the deadline for bid submissions as August 9. Sources indicate that Wadia Group, which owns Go First, is expected to participate in the bidding. However, the Directorate General of Civil Aviation (DGCA) has informed the Delhi High Court that lessors cannot be authorised to maintain the aircraft.
In line with the process, a newspaper advertisement was published announcing the last date for the expression of interest as August 9, with the first provisional list of interested parties to be declared on August 19. The advertisement also mentioned that Go First employs 4,200 individuals, although the airline’s submission to the National Company Law Tribunal (NCLT) stated a workforce of 7,000.
The advertisement highlighted that Go First operates in the aviation sector and possesses assets across various airports in the country. It further disclosed that the airline generated total revenue of ₹4,183 crore in FY22.
The resolution professional overseeing the insolvency process will meticulously monitor the EoIs received by the August 9 deadline, and subsequently announce a provisional list of interested parties on August 19.
Simultaneously, Go First’s appeal against the court order granting access and maintenance rights to the lessors was presented in the Delhi High Court. During the hearing, the DGCA’s representative, Anjana Gosain, argued: “The court has permitted lessors and their representatives to carry out inspection and all maintenance tasks of the aircraft, its engines and other parts and components of the 30 aircraft mentioned in the petition, which creates a dichotomy as to who will be responsible for continuing airworthiness of the aircraft either Lessors or Go First/RP as operator.”
On behalf of the RP, senior advocate Neeraj Kishan Kaul contended that the order restraining the RP and the company’s employees from altering any part of the leased aircraft would impede the corporate resolution process and jeopardise the company’s revival plans.
Next hearing
Senior Advocate Ramji Srinivasan, representing the RP, apprised the court of the various measures taken to facilitate the company’s revival. He informed the court that Go First was prepared to resume operations by mid-July, subject to the consent of the DGCA, as the airline currently possesses 26 operational aircraft.
The next hearing on the matter is scheduled for July 11.
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