Go First’s interim resolution professional (IRP) submitted a six-month revival plan to the Directorate General of Civil Aviation (DGCA), reports Financial Express. The airline confirmed that it is ready to resume operations with 26 operational aircraft and 400 pilots.
Currently, the airline’s operations are under suspension till June 4.
The revival plan also cites support of 15 of the 20 major travel agents with regard to ticketing services.
Once the DGCA approves its revival plan, Go First said it can deploy two aircraft to start Delhi-Srinagar and Delhi-Leh chartered flights immediately. Within the next few days, it will be able to resume scheduled services, mainly on the Pune, Bagdogra, and Goa routes. The airline has said it will be able to deploy eight to 10 aircraft for the scheduled services.
The main challenge before the airline is to retain its aircraft as lessors have approached the DGCA to deregister 45 of them. Though NCLT and National Company Law Appellate Tribunal have for now rejected the plea, lessors have moved the Delhi High Court
Go First has 7,000 employees, and has committed a default of INR 26.6bn toward aircraft lessors and INR 12.2bn towards its vendors. The total liabilities of the airline are at INR114.63bn, of which bank dues are of INR 65.21. Of this, INR 13.00 Bn has been drawn under the government’s emergency credit line guarantee scheme.
The airline has a fleet strength of 54, of which 28 aircraft are grounded due to engine issues with Pratt & Whitney, and 26 are operational.