Uncertainty over planes stalls Go First plans to raise finance

The aviation regulator approved Go First’s plan to restart operations with 15 aircraft and 114 daily flights, subject to certain conditions.

- Krishna Yadav , Mihir Mishra

In a move that is set to raise questions on the return of Go First, the airline’s new management under the resolution professional (RP) has failed to raise funds from banks due to questions over availability of aircraft.

People aware of the matter told Mint that the airline’s RP Shailendra Ajmera was asked by the Committee of Creditors (CoC) to approach banks with a revival plan and raise funds amounting to ₹450 crore. The CoC had also approved that the RP-led management can also approach the banks, who are part of the committee.

Ajmera, however, has not been able to raise funds despite approvals from the aviation regulator Directorate General of Civil Aviation due to a Delhi high court order that gives lessors permission to inspect the aircraft.