Go First’s lenders extend deadline for submission of EoI to September 28: Report

Lenders of the crisis-hit Go First airline extended deadline for submission of expressions of interest (EoI) to September 28, said a report on Wednesday.

Provisional list of prospective resolution applicants will be issued on October 8, reported CNBC TV18.

If confirmed, this is the second time deadline for submission of EoI will be extended.

The original deadline for submission of EoI was August 9 and was later extended to September 8. 

On May 2, the airline filed for initiating voluntary insolvency proceedings at the National Company Law Tribunal (NCLT), citing huge revenue losses, owing to the non-supply of aircraft engines by US engines maker Pratt & Whitney.

The court admitted the plea on May 10.

Go First stopped flight operations from May 3 amid a financial crunch caused by grounding of more than half of its fleet due to non-availability of Pratt & Whitney engines.

In early June, the Go First Committee of Creditors (CoC) comprising Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank, was put in place to expedite the sale process.

Wadia-owned Go First airline clocked a revenue of Rs 4,183 crore from operations in the financial year ended March 2022.

Go First has liabilities worth Rs 11,463 crore in its balance sheet, according to the airline.