Cash-strapped Go First has submitted a re-launch plan to aviation regulator DGCA, hoping to restart flights in two weeks, subject to approval from the aviation regulator and Committee of Creditors (CoC), sources told CNBC-TV18 on June 2. The airline's lenders are likely to fund the relaunch operations.
The airline, which is in the midst of uncertainties over its future course, has cancelled flights till June 7. It stopped flying on May 3 and the latest announcement means that the budget carrier will remain grounded for one month.
However, sources told CNBC-TV18 that the airline, in its re-launch plan, will start with 26 aircraft and will operate over 150 daily flights.
Also read: MC Exclusive: Wadia Group approaches lenders for funds to restart Go First operations
The Directorate General of Civil Aviation (DGCA) is expected to take a call on Go First's re-launch plan by this week.
The sources also added that Go First will begin operations one week after CoC approves the business plan. It will hope to start selling tickets soon after.
Meanwhile, on June 1, the DGCA told the Delhi High Court it was due to a technical glitch on its portal that the applications of several aircraft lessors of Go First for deregistration of their planes were shown as 'rejected'.
The aviation regulator said it was not processing such requests following a moratorium on financial obligations and transfer of assets of the crisis-hit airline in the wake of insolvency resolution proceedings.
On May 10, the National Company Law Tribunal (NCLT) admitted the airline's voluntary insolvency resolution petition and appointed Abhilash Lal as the IRP to manage the carrier.
Earlier, the NCLT-appointed Interim Resolution Professional (IRP), tasked with managing the crisis-hit Go First, had told the High Court that returning aircraft to the lessors will render the airline, which has 7,000 employees to look after, ''dead''.
On May 22, the NCLAT upheld the order of the Delhi-based principal bench of NCLT, which had admitted the plea of Go First to initiate voluntary insolvency resolution proceedings, and appointed the IRP to suspend the company's board.
Several lessors approached the aviation regulator for deregistration and repossession of 45 planes they had leased to the carrier.
(With agency inputs)
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