The lenders of Go First airline have approved the corporate insolvency resolution process (CIRP) cost of Rs 100 crore with a 98 per cent vote.
A lender said that the CIRP costs were approved by the Central Bank and the Bank of Baroda, according to a report in the Businessline.
The IDBI Bank abstained from voting, thereby leaving 98 per cent vote in favour of the costs.
According to the rules, over 66 per cent of the lenders are required to vote in favour of the same. The Central Bank, which is the largest lender to the airline, has 51.5 per cent voting rights, the Bank of Baroda has 46.5 per cent voting rights, and the IDBI has 1.98 per cent voting rights.
