Go First gets DGCA nod to resume flight ops, subject to certain conditions

News Network
July 21, 2023

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New Delhi, July 21: Indian aviation regulator DGCA has accepted cash-strapped airline Go First's resumption plan, but subject to certain conditions.

The DGCA on Friday in a notification said that upon examination, it has accepted the proposed resumption plan dated June 28 subject to outcome of writ petitions pending before the Delhi High Court and NCLT.

The DGCA said that Go First can commence flight operatins, provided it complies with all the applicable regulatory requirements for holding an Air Operator Certificate. The airline has to continue airworthiness of the aircraft engaged in operations.
 
The company cannot deploy any aircraft for operations without undertaking a satisfactory handling flight. "Any change in the company which has a bearing on the resumption plan submitted by the resolution professional shall be promptly notified to the DGCA," it said.

The company on Thursday informed on Twitter that due to operational reasons, all its flights have been cancelled at least until July 23, 2023. The regulator had informed earlier this month that it would conduct a special audit of the Go First facilities at Mumbai and Delhi. Go First intends to restart flights with 22 aircraft in the fleet as soon as possible.

The DGCA has asked the RP to submit the proposed flight schedule, commensurate with the available resources in terms of airworthy aircraft, qualified pilots, cabin crew, AMEs, flight dispatchers etc after making the requisite arrangements for commencing the scheduled flight operations, including the interim funding that is required the resume services.

Go First's RP Shailendra Ajmera recently invited Expressions of Interest (EoIs) from potential bidders for the grounded airline. The deadline for submitting EoIs is August 9 and the final list of prospective resolution applicants will be declared on August 19, according to the public notice.

The carrier has around 4,200 employees. Its revenue was Rs 4,183 crore from operations in the financial year ended March 2022. Its liabilities are about Rs 11,463 crore.

The airline operator filed for voluntary bankruptcy in early May before the National Company Law Tribunal (NCLT), alleging delays on the part of a US-based engine maker for its inability to promptly meet obligations - leading to the grounding of a portion of its fleet.

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News Network
November 26,2024

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The extremist Israeli finance minister has called for the occupation of the Gaza Strip and halving the population of the Palestinian territory that is reeling from almost 14 months of genocide.  

Bezalel Smotrich, who has a history of racist statements against Palestinians, made the controversial remarks during a conference of the Yesha Council settler group on Monday.

“We can occupy Gaza and thin the population by half within two years,” through encouraging the so-called “voluntary emigration," he said.

The racist minister also urged the Tel Aviv regime to use its favorable ties with the incoming administration of US President-elect Donald Trump to implement the plan.

“Occupying Gaza is not a dirty word,” he further claimed.

Once the success of the “voluntary emigration" is proven in the besieged Gaza Strip, it can be replicated in the occupied West Bank, he added.

Last month, Smotrich urged the full annexation of the West Bank and Gaza, asserting that Israel should unequivocally declare there would be no Palestinian state.

Israel launched its brutal Gaza onslaught on October 7, 2023, after the Palestinian Hamas resistance group carried out a historic operation against the usurping entity in retaliation for its intensified atrocities against the Palestinian people.

However, nearly 14 months into the offensive, the Tel Aviv regime has failed to achieve its declared objectives of finding captives held in Gaza and eliminating Hamas.

So far, the occupying regime has killed at least 44,235 Palestinians, mostly women and children, and injured 104,638 others, in Gaza. 

It has been committing the war crimes of starvation and of intentionally directing attacks against the civilian population in the besieged territory.

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News Network
November 15,2024

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Union minister Amit Shah on Friday, November 15, said PM Narendra Modi will amend the Waqf Act despite opposition from leaders like Uddhav Thackeray and Sharad Pawar.

"Modi ji wants to change the Waqf Board law, but Uddhav ji, Sharad Pawar and Supriya Sule are opposing it," Shah said, addressing a rally at Umarkhed in Maharashtra's Yavatmal district.

"Uddhav ji, listen carefully, you all can protest as much as you want, but Modi ji will amend the Waqf Act," he said. Shah said there are two camps in the November 20 Maharashtra assembly polls, one of 'Pandavas' represented by the BJP-led Mahayuti and the other of 'Kauravas' represented by Maha Vikas Aghadi.

"Uddhav Thackeray claims that his Shiv Sena is the real one. Can the real Shiv Sena go against renaming Aurangabad to Sambhajinagar? Can the real Shiv Sena go against renaming Ahmednagar to Ahilyanagar? The real Shiv Sena stands with the BJP," Shah said.

"Rahul Baba used to say that his government would credit money in the accounts of the people instantly. You were unable to fulfil your promises in Himachal, Karnataka, and Telangana," he said.

Shah said the Mahayuti alliance has promised that women will get Rs 2,100 per month under the Ladki Bahin Yojana. "Kashmir is an integral part of India and no power in the world can snatch it away from us," Shah said.

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News Network
November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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