Bankrupt Go First's CEO Kaushik Khona resigns

Kaushik Khona, CEO of Grounded Go First, has stepped down, marking his departure from the company nearly seven months after the airline ceased operations and entered insolvency proceedings.

In an email addressed to the airline's employees, Khona conveyed that November 30 would be his final day at the organization. He expressed gratitude for the support received during his tenure, stating, "With a heavy heart, I have to inform that today is my last day with the company. I got an opportunity to work for Go FIRST once again in August 2020 and with your able and active support, I tried to perform to my best abilities."

Having returned to Go First as CEO in August 2020, Khona previously served the carrier from 2008 to 2011. In the email, he lamented the company's current state, hoping for a resolution that ensures pending salaries and dues for all employees. However, the challenges faced in reviving operations took a toll on his and his family's health, leading to his decision to depart.

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Khona revealed that despite efforts, including the submission of a Section 10 application under the Insolvency and Bankruptcy Code (IBC) for voluntary insolvency resolution proceedings, the company struggled to resume operations. The team diligently pursued Directorate General of Civil Aviation (DGCA) approval, conducted comprehensive audits, and put in sincere efforts. Regrettably, the anticipated revival was continually delayed, leaving employees unpaid for nearly six months.

The inability to find a path forward amid significant value within the company was cited by Khona. The Resolution Professional (RP) failed to identify interested parties willing to take the company ahead.

Go First ceased operations in early May and sought voluntary bankruptcy proceedings due to financial challenges, primarily stemming from Pratt & Whitney engine issues.