NEW DELHI: The ongoing insolvency process of Go Airlines, overseen by a court-appointed Resolution Professional (RP), has opened the doors for potential investors to express their interest. In an advertisement published in newspapers on Monday, Go Airlines, operating as Go First, released details regarding the Expression of Interest (EoI) for interested parties.
Investors are required to submit their expression of interest by August 9. The provisional list of potential resolution applicants will be announced on August 19, and objections to the list can be submitted until August 24. The initiation of the Expression of Interest (EoI) marks the formal beginning of the search for buyers or investors interested in making a potential investment.
The airline operator voluntarily filed for bankruptcy in early May with the National Company Law Tribunal (NCLT) due to delays attributed to Pratt & Whitney, a US-based engine manufacturer. These delays prevented the airline from fulfilling its obligations promptly and resulted in the grounding of a portion of its fleet. The airline, which employs approximately 4,200 individuals, reported total revenue from operations of Rs 4,183 crore in the financial year 2021-22.
Reports indicate that the grounding of Go First flights has created airfare pressure, particularly on specific routes previously serviced by the airline.