Go First's lenders give the airline interim funding of more than Rs 400 billion their approval.
The crisis-hit airline could resume operations next month thanks to temporary capital of more than Rs 400 crore that the lenders of Go First have authorised for the company.
Despite the in-principle clearance of Rs 425 crore on Saturday from the group of banks led by the Central Bank of India, the lenders still need their boards to give the go-ahead. Bank of Baroda and IDBI Bank are among the additional lenders.
The Directorate General of Civil Aviation (DGCA) must allow the low-cost carrier to resume operations following the boards' approvals.
Go First is anticipated to take off starting in the next month.
The airline requested to resume operations with a fleet of 26 aircraft and 152 daily flights in an aviation regulator revival plan earlier this month.
The no-frills airline filed for voluntary bankruptcy at the beginning of May, ceased operations, and declared that it owed its lenders Rs 6,521 crore.
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The airline claimed Pratt & Whitney's defective engines caused it to be in financial trouble (P&W). Its planes couldn't take off because they were grounded.
Then, before the Singapore International Arbitration Centre, the carrier filed an emergency arbitration lawsuit against P&W. (SIAC). The emergency arbitrator issued judgements ordering P&W to provide 10 functional engines.
Go First claimed P&W disobeyed the arbitrator's decision.
After the engines were identified in Delaware and other pertinent jurisdictions, the airline filed enforcement actions against P&W.