Bankrupt Go First's CEO Kaushik Khona resigns

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

By Newsmeter Network  Published on  1 Dec 2023 4:20 AM GMT
Bankrupt Go Firsts CEO Kaushik Khona resigns

Mumbai: Grounded Go First's CEO Kaushik Khona has put in his papers, nearly seven months after the no-frills airline suspended operations and went into 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.

"I just hope and pray that our prayers are heard and the company resumes. At least all employees are paid for pending salaries and dues. I have carried on and have tried my best to not only get salaries paid for all employees but also to resume the operations of the company but I have not been successful.

"Its now taking toll on my health and even my family's health and well-being... I wanted to see that you are all paid your dues but I can no longer sustain and hence with a heavy heart, I have decided to leave," he said in the e mail accessed by PTI.

So far, Go First had at least five CEOs, including Khona. Others were Vinay Dube, Cornelis Vrieswijik, Wolfgang Prock-Schauer and Grogio De Roni.

"... 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" Khona said in the e mail.

Section 10 pertains to voluntary insolvency resolution 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.

Inputs from PTI

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