GoFirst needs Rs 425 crore to start flight service, will lenders approve?

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Shailendra Ajmera, resolution professional at GoFirst, has secured an interim finance of Rs. 425 crore has been demanded. Shailendra Ajmera has been appointed as the resolution professional in GoFirst's insolvency case. The committee of creditors of the distressed airline has taken this decision. Lenders sought approval from NCLT to appoint them as resolution professionals for GoFirst.

Other banks including the Central Bank of India have not commented on this

GoFirst's panel of lenders includes Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank. Ajmera, appointed by RP through the Committee of Creditors, is yet to make an official comment on the matter. Other banks, including the Central Bank of India, have not yet commented on the matter.

Its approval is yet to be received from DGCA

GoFirst is yet to get its approval from the country's aviation regulator Directorate General of Civil Aviation (DGCA) to resume airline operations. According to the received details, only after the company gets the necessary funds, it can be allowed to start the flight service.

Creditors of the airlines gave their in-principle approval for the financing

The airline has to get approval of the financing proposal from the lender before getting regulatory approval to resume operations. However, according to a claim, the airlines' creditors have given their in-principle approval for the financing, while some creditors are waiting for clarification from the aviation regulator before approving the interim financing proposal.

GoFirst's bankruptcy petition accepted

GoFirst has filed for bankruptcy proceedings under IBC Section 10. Following this, the National Company Law Tribunal (NCLT) accepted GoFirst's bankruptcy petition on 10 May. Go First owes Rs 6000 to various banks and financial institutions. In addition to this, aircraft lasers cost Rs. 2,600 crore and vendors Rs. 1,200 crore has defaulted in payment.


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