DGCA is analyzing Go First’s special audit report, an official claims

A senior official said on Tuesday that the Directorate General of Civil Aviation (DGCA) is analyzing the findings of the special audit of the grounded Go First, which is going through the bankruptcy resolution process.

Cash-strapped Go First, which had been operating since May 3, has been doing so for more than 17 years.

The representative said that the watchdog is presently analyzing the Go First special audit report.

 

The purpose of the special audit was to evaluate Go First’s operational readiness. The carrier’s facilities in Mumbai and Delhi were included in the audit, which was performed from July 4 to July 6.

 

A legal dispute between Go First and aircraft lessors is now going on before the Delhi High Court.

 

The insider said that the high court’s decision in this matter will be crucial to the Insolvency and Bankruptcy Code (IBC) procedures.

 

The DGCA will determine whether to approve Go First’s resurrection plan after taking into consideration the audit results and other aspects.

 

Shailendra Ajmera, the resolution specialist for Go First, issued an invitation for expressions of interest (EoIs) from prospective bidders for the grounded airline on Monday.

 

According to the public announcement, EoI submission deadline is August 9 and the final list of possible resolution seekers will be released on August 19.

 

The airline employs over 4,200 people. In the fiscal year that ended in March 2022, it generated operating revenue of Rs. 4,183 crore. Its debts are around Rs 11,463 crore.

 

All of the airline’s flights till July 14 have been canceled.