Go First invites EoIs from prospective bidders; 9 Aug last date for filing EoIs

Go First, the Indian airline company, has floated an Expression of Interest (EoI) from potential bidders. The resolution professional, Shailendra Ajmera, appointed to oversee the insolvency process, said the last date to receive bids is August 9. The Wadia Group, which owns Go First, is likely to bid for the airline.

The EoI process is part of the insolvency proceedings that Go First is currently undergoing. The airline has been grounded since May 2022 due to financial difficulties. The EoI process is a way for potential bidders to express their interest in acquiring the airline.

The advertisement for the EoI process was published in newspapers on Monday. The advertisement stated that the last date for receipt of interest in the airline is set for August 9. The first provisional list will be declared on August 19.

The EoI process is a preliminary step in the insolvency process. If a bidder is successful in the EoI process, they will then be required to submit a formal bid for the airline.

Go First currently has 4,200 employees on its payroll, per the advertisement. However, in its submission to the National Company Law Tribunal (NCLT), the airline had stated that it employed 7,000 individuals. This discrepancy could be due to the fact that some employees may have been laid off since the airline was grounded.

The advertisement also stated that Go Airlines 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 crores.

The resolution professional overseeing the process will closely monitor the EOIs received by the August 9 deadline and subsequently announce a provisional list of interested parties on August 19.

Meanwhile, Go First 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.

Also See: Lenders move Supreme Court seeking liquidation of Jet Airways