Go First seeks Rs. 100 crore emergency funding from lenders
Go First's resolution professional has requested Rs. 100 crore in emergency funding from its creditor banks to cover essential operational expenses. The appeal was made to the committee of creditors, with banks being asked to contribute based on their voting share. The funds would be used to meet mandatory liabilities like insurance and repairs, which are required to sustain operations.
The airline sent requests to Bank of Baroda, Central Bank
Bank of Baroda and Central Bank of India hold a combined 72% of the voting share, Deutsche Bank has 25%, and IDBI Bank holds the remaining percentage. According to the Economic Times, the airline has sent requests to the offices of the Bank of Baroda and the Central Bank of India. A decision on this matter is expected within a few days.
DGCA has given Go First green light to resume operations
Go First filed for bankruptcy in May, citing "faulty" engines in nearly half of its 54 Airbus A320neo aircraft as the primary cause of its financial troubles. Recently, the Delhi High Court granted permission for aircraft lessors to inspect the planes they had leased. A division bench of the court upheld this decision. The DGCA has given the airline permission to resume operations.
