Go First CEO Kaushik Khona announced his exit from the airline in an e-mail to employees six months after it voluntarily entered into insolvency resolution due to a fund crunch it blamed on Pratt and Whitney engine failures.
“Things have not worked in our favour inspite of huge efforts. Even salaries have not been paid for almost six months inspite of several requests and representations to all concerned including the Resolution Professional (RP’s), COC and the Wadia Group,” Mr. Khona wrote in his mail. He also lamented the RP’s inability to find a bidder for the airline.
The airline suspended operations on May 3 and announced its decision to file for insolvency resolution.
Last week, the National Company Law Tribunal granted a 90-day extension for the Corporate Insolvency Resolution Process, valid from November 6 to February 4, failing which the airline will be put into liquidation. While Jindal Power submitted an expression of interest for bids invited by the RP, it didn’t submit a financial bid after evaluation the airline’s financial statements.
