Grounded Go First's CEO Kaushik Khona has put in his papers, nearly seven months after the no-frills airline filed for insolvency proceedings.
Grounded Go First's CEO Kaushik Khona has put in his papers, nearly seven months after the no-frills airline filed for insolvency proceedings. In an e-mail to the airline's employees on Thursday, Kaushik Khona said that November 30 is his last day at the company.
Kaushik Khona returned to Go First in August 2020 as its CEO. "With a heavy heart, I have to inform you 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," Kaushik Khona said in the e-mail.
Earlier, he was with the carrier from 2008 to 2011. "... the Board of Directors decided to file for Section 10 application under the IBC and we continued to provide the best support to the company... We were hopeful that we would resume the operations soon and at least from June 2023 but it got delayed" he said in the e-mail accessed by PTI.
Section 10 pertains to voluntary insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). According to him, all the employees of the airline worked with "sincere dedication" to get the Directorate General of Civil Aviation (DGCA) approval for the resumption of operations after they conducted a detailed audit of all operations and aircraft.
"Unfortunately, things have not worked in our favour despite huge efforts. Even salaries, we have not been paid for almost 6 months despite several requests and representations to all concerned including the RP, CoC (Committee of Creditors) and the Wadia Group," he added.
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The company has significant value but unfortunately, the Resolution Professional (RP) has not found anyone who can take this forward, Kaushik Khona said. Go First stopped flying in early May and filed for voluntary bankruptcy proceedings amid financial problems, mainly triggered by Pratt & Whitney engine issues.
Khona took up the top post in August 2020. After sometime of his joining, the company started facing huge losses. Khona has also worked with big firms such as, the COO, CFO, and CXO such as Cadila Pharmaceuticals, Talati and Talati as well as Wind World, according to his LinkedIn profile.
Under Kaushik Khona’s leadership, Go First Airlines recorded its largest-ever major loss in the company, with a revenue of just Rs 4184 crore. The company suffered a major loss of Rs 1808 crore and said in its financial report for 2022 that they have a negative net worth of Rs 3222 crore.
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