Go First CEO Kaushik Khona quit the airline on Thursday after it failed to find any bidder to revive the company. The airline which was owned by Wadia group has been grounded since May after it filed for voluntary bankruptcy.
While Jindal Power had submitted an Expression of Interest (EoI) for the airline, it did not go ahead with a financial bid after government issued a notice on 3 October saying exempting aircraft & engines from a moratorium under the Insolvency and Bankruptcy Code (IBC)- allowing lessors to repossess them. Following that the Jindals did not see any value in an airline without primary assets such as aircraft.
