Committee of Creditors of Go First Airlines replaces bankruptcy officials: Report

The creditors of Go First Airlines have replaced the bankruptcy-related officials appointed by the company, in a move to take full control of the carrier’s resolution process at the National Company Law Tribunal (NCLT), a report said.

The committee of creditors (CoC) of Go First has replaced the previously appointed interim resolution professional (IRP), process advisor and legal agency during its first meeting held on Friday, Economic Times reported.

Also Read: Go First lenders set up committee of creditors, appoint Shailendra Ajmera as resolution professional: Report

Wadia Group’s Go First had filed for voluntary insolvency under the Insolvency and Bankruptcy Code (IBC) and was granted bankruptcy protection by the NCLT.

As per a PTI report last week, the CoC had appointed Shailendra Ajmera as a resolution professional (RP) in the matter.

The representatives from all four banks, Bank of Baroda, Central Bank of India, IDBI, and Deutsche Bank, visited the Go First office on Friday and after a meeting, they set up the CoC, the PTI report added.

Also Read: NCLT accepts Delhivery notice to declare Go First's insolvency fraudulent and malicious: Report

The CoC will look into the revival plan for the cash-strapped airline and submit it to the Directorate General of Civil Aviation (DGCA) after receiving approval.

Earlier, Go First had submitted a revival plan to the aviation regulator under which the airline proposed to resume operations with a fleet of 26 aircraft, of which 22 for active operations and 4 for reserve, and 152 daily flights. 

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