The NCLT has taken action on a plea seeking a refund of Rs 597.54 crore to around 15.5 lakh passengers affected by Go First's suspension. The airline's Resolution Professional approached the tribunal, stating the refund aligns with a business plan to revive the grounded airline.
Go First, currently undergoing insolvency proceedings, has filed an application with the National Company Law Tribunal (NCLT) to obtain approval for refunding passengers affected by flight cancellations.
Go First, the renowned low-cost airline previously known as GoAir, has disclosed the cancellation of all scheduled flights until July 27, 2023, citing ongoing operational challenges. The company has also taken proactive steps to revive operations while facing engine troubles and navigating the complexities of voluntary bankruptcy filing.
Go First, the financially challenged airline, is on the brink of restarting its flight operations following the acceptance of its resumption plan by the Directorate General of Civil Aviation (DGCA). However, certain conditions and pending legal proceedings continue to pose uncertainties for the airline's future.
Go First, currently undergoing voluntary insolvency resolution, has cancelled all flights until July 10, 2023, citing operational reasons. The airline acknowledges the disruption caused and assures affected passengers of their assistance. Additionally, lenders have approved interim funding to resume operations, while the promoters indicate no intention to inject further funds.
Go First has submitted a comprehensive revival plan to the Directorate General of Civil Aviation (DGCA) with the intention of resuming operations. The proposal includes deploying a fleet of 26 aircraft and operating from 22 airports across India. The DGCA plans to conduct an inspection audit to assess their readiness.
In a massive relief for cash-strapped Go First, lenders have approved an interim funding of Rs 400 crore for the carrier, which is grounded for nearly two months now. The Committee of Creditors (CoC), which includes the Central Bank of India, Bank of Baroda, Deutsche Bank, and IDBI Bank, has approved the request for additional funding. The funding has been approved to normalize Go First's business plan and operations.
Go First has extended the cancellation of its flights till June 28, 2023, due to operational reasons. This is the tenth time that the carrier has extended the cancellation of flights since the first announcement was made on May 2. Passengers who have been affected by the cancellations can seek refunds or reschedule their flights.
Go First has extended its flight cancellations until June 19 due to operational reasons. The company apologizes for any inconvenience caused and is committed to providing assistance to affected passengers. Go First has also filed an application for immediate resolution and revival of its operations.
India's domestic air passenger traffic soared by 15% in May 2023, as per DGCA data, with IndiGo leading the market. The month also saw the grounding of Go First and notable market share growth for Tata Group airlines and Akasa Air.