NEW DELHI: Assam-based carrier Jettwings Airways on Thursday said it has submitted its expression of interest (EOI) for Go First Airlines, which is currently undergoing Corporate Insolvency Resolution Process.
This statement by Jettwings comes amidst reports that Naveen Jindal promoted Jindal Power as the sole successful applicant whose initial bid was accepted by the lenders of Go First.
Sources at Jindal Power said that they would come to a conclusion only after evaluating the necessary documents which they have already sought.
The last day to submit EoIs for Go First was September 28. Jettwings claims that it has submitted the EoI within the stipulated timeline. Besides Jindal Power, two foreign entities had shown interest in acquiring Go First but their applications were rejected as they could not meet the criteria set by the lenders.
Wadia family, the founder of the low-cost carrier, hasn’t shown interest in participating in the revival of the airline.
Jettwings Airways has recently obtained the no objection certificate from the Ministry of Civil Aviation to operate as a scheduled commuter. Promoted by Sanjive Narain, the airline is aiming to start commercial operations from October 2023.
Narain is the owner of Assam’s oldest news channel and has an interest in construction, health and automobile businesses.
Time is running out for Go First to revive operations as the current changes made by the government in the Insolvency scheme for airlines do not favour the lenders.
The lessors of the airline, which stopped operating flights on May 3, are already at the court to repossess their aircraft.
Besides, the current resolution professional’s effort to restart services with limited flights hasn’t been successful yet. Employees are also said to be leaving the airline over salary dues.