DGCA asks bankrupt airline Go First to submit revival plan within 30 days

New Delhi: Aviation watchdog DGCA has asked cash-strapped Go First to submit a comprehensive plan for the revival of its operations, including details about the availability of operational planes and pilots, within 30 days, a source said on Thursday. The no-frills carrier, which is undergoing a voluntary insolvency resolution process, stopped flying on May 3 and lessors are looking to take back aircraft leased to the carrier. The source at the Directorate General of Civil Aviation (DGCA) said the regulator advised the airline on May 24 to submit a comprehensive restructuring plan for a sustainable revival of operations. The plan has to be submitted within a period of 30 days, the source added. Go First has been asked to furnish the status of the availability of the operational aircraft fleet, pilots and other personnel, maintenance arrangements, funding and working capital, and arrangements with lessors and vendors, among other details. The revival plan, once submitted by Go First, would be reviewed by the watchdog for further appropriate action, the source said. The airline had submitted its response to the show cause notice issued by DGCA on May 8. In its reply, Go First requested that it may be allowed to use the moratorium period to prepare a comprehensive restructuring plan for restarting operations and present the same to DGCA for approvals before restarting operations, the source said. The regulator had issued the show cause notice under the relevant provisions of the Aircraft Rules, 1937, for its failure to continue the operation of the service in a safe, efficient and reliable manner. On May 2, Go First announced filing the plea for voluntary insolvency resolution proceedings as well as suspension of flights, initially for two days – May 3 and 4. At that time also, DGCA had issued a show cause notice to Go First for cancelling flights for May 3 and 4 “without any prior intimation”. The suspension of flights has been extended. On May 22, the National Company Law Appellate Tribunal (NCLAT) upheld the NCLT’s decision to admit Go First’s plea for voluntary insolvency resolution proceedings. The ruling had come on petitions filed by four lessors opposing the insolvency resolution proceedings of the airline. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.