Go First Invites Potential Bidders As Part Of Insolvency Process, Wadia Group Likely To Participate


Go First has announced an Expression of Interest (EoI) for potential bidders. The insolvency process overseen by resolution professional Shailendra Ajmera has set 9 August as the deadline for bid submissions, reports Hindu Businessline.

As part of the ongoing process, a newspaper advertisement was published on Monday to inform interested parties.

Two bankers aware of the developments, expect Wadia Group — which used to own Go First, before it started bankruptcy proceedings — to be part of its insolvency process, as per Reuters report.

Go Airlines currently has 4,200 employees on its payroll, per the advertisement. However, in its submission to NCLT, the airline had stated that it employed 7,000 individuals.

“Company operates in the aviation sector and has assets located across the country in various airports. The total revenue from operations for FY 2021-22 is 4,183 crore,” the ad stated.

The resolution professional will closely monitor the received expressions of interest (EOIs) by the 9 August deadline.

Subsequently, a provisional list of interested parties will be announced on 19 August.

GoFirst has filed an appeal in the Delhi High Court against an order that granted the lessors access to the aircraft. The outcome and implications of this appeal are yet to be determined.