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DGCA grants 30 days to Go First to submit revival plan
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IANS | 25 May, 2023
The Directorate General of Civil Aviation (DGCA) has granted 30 days to
cash-strapped airline Go First to submit a restructuring or revival
plan, including on fleet, pilots, and maintenance plans.
The
low-cost airline had stopped flying on May 3 and is undergoing
voluntary insolvency resolution proceedings before the National Company
Law Tribunal (NCLT).
The aviation regulator's order came after
the airline had submitted their response to the show cause notice issued
by the DGCA on May 8.
According to the DGCA official, the
airline has requested to be allowed to use the moratorium period to
prepare a comprehensive restructuring plan for restarting operations.
"They will present it to the DGCA for the requisite regulatory approvals before restarting operations," said the official.
The DGCA will assess the revival plan after Go First submits it to determine the next best course of action.
As
for funds to restart operations, Go Airlines CEO Kaushik Khona had
earlier told IANS that the company is yet to draw the balance Rs 208
crore of the Rs 1,500 crore sanctioned under the Emergency Line Credit
Guarantee Scheme (ELCGS).
According to him, the airline needs
about Rs 17-18 crore per day for its operations as the trade partners
may provide the needed items -- fuel and others -- on cash and carry
basis.
Khona had also said that the airline will be able to fly
again soon with its planes to be up in the air in 7/8 days once the
petition is admitted.
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