NCLT seeks approval of Go First lenders for ticket refund plan
₹597.4 crore. In response, the court inquired whether the RP could mobilize such a substantial amount. The RP clarified that immediate refunds were not on the table, but instead, payments would be made gradually after resuming flight services based on cash flow and revenue.
The tribunal also questioned the RP about obtaining approval from the CoC, to which the RP responded that they had informed the CoC during the meeting’s minutes. However, the court reinstated that the petition lacks the CoC’s resolution, emphasizing the need for RP to secure approval from the CoC since they are the only entity authorized to release funds. As per the petition, Go First suspended commercial operations on 3 May, resulting in a total booking value of ₹597.54 crore.
The bookings comprised 15,49,573 tickets, out of which 15,25,862 tickets worth ₹582.77 crore were booked through online travel agents. Only 23,711 tickets amounting to ₹14.77 crore were booked through the company’s direct website. As part of the fresh relaunch plan, Go First now plans to secure higher interim financing of ₹600-700 crore from banks and resume operations with fewer flights than was planned.
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