Go First receives $12 million approval to take care of financial liabilities

Cash-strapped Go First has received an approval for $12 million as corporate Insolvency Resolution Process (CIRP) cost to take care of urgent and mandatory liabilities. The funds will be used to pay for employee salaries, airport fees, aircraft upkeep, and other mandatory expenses. The airline is currently in process of resuming commercial operations but no date has been finalized as of now. Go First needed at least 66% of its lenders to vote in favour of receiving the funds and 98% of the lenders voted in its favour with only IDBI Bank abstained from voting Go First’s resolution professional (RP)