Go First CEO Resigns After Airline Files for Insolvency

Mumbai, Nov 30 (PTI) Grounded Go First's CEO Kaushik Khona has put in his papers, nearly seven months after the no-frills airline filed for insolvency proceedings.

In an e mail to the airline's employees on Thursday, Khona said that November 30 is his last day at the company.

Khona had returned to Go First in August 2020 as its CEO.

"With a heavy heart, I have to inform that today is my last day with the company. I got an opportunity to work for Go FIRST once again in August 2020 and with your able and active support I tried to perform to my best abilities," Khona said in the e mail.

Earlier, he was with the carrier from 2008 to 2011.

"... the Board of Directors decided to file for Section 10 application under the IBC and we still continued to provide the best support to the company… We were hopeful that we will resume the operations soon and at least from June 2023 but it got delayed" he said in the e mail accessed by PTI.

Section 10 pertains to voluntary insolvency proceedings under the Insolvency and Bankruptcy Code (IBC).

According to him, all the employees of the airline worked with "sincere dedication" to get the Directorate General of Civil Aviation (DGCA) approval for the resumption of operations after they conducted a detailed audit for all operations and aircraft.

"Unfortunately, things have not worked in our favour inspite of huge efforts. Even salaries, we have not been paid for almost 6 months inspite of several requests and representations to all concerned including the RP, CoC (Committee of Creditors) and the Wadia Group," he added.

The company has significant value but unfortunately, the Resolution Professional (RP) has not found anyone who can take this forward, Khona said.

Go First stopped flying in early May and filed for voluntary bankruptcy proceedings amid financial woes, mainly triggered by Pratt & Whitney engine issues.