MUMBAI: While an in-principle approval for interim funds has been granted, the plan is subject to approval from the respective boards of the banks, said one of the people cited above.
The decision was taken at a joint lenders' meeting on Saturday. Central Bank of India, Bank of Baroda, and IDBI Bank are part of the lenders' consortium of Go First. A senior Go First executive said it might only need ₹200-250 crore to resume operation. "The airline may not require the full amount as it will start generating cash after starting operations," he said.
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