Troubled low-cost aviation company GoFirst has asked for Rs 600 crore interim funding to resume operations. The resolution professional Shailendra Ajmera has asked banks to provide funding for grounded airline to implement the revival plan. As per a report published by Business Standard, banks could approve Rs 400 crore interim funding for the airline.

GoFirst was admitted under the insolvency process on May 10. The airline had cancelled flights and halted operations on May 2. A revival plan was submitted by Ajmera on Wednesday to the airline's committee of creditors, asking for Rs 400 in funding. The funding requirement could rise if the airline has to pay lease for some of the planes or for ticket cancellations. Engine manufacturer Pratt & Whitney's (P&W) application for a stay on an arbitral award.

GoFirst will start operating 150 daily flights in the initial restart phase. If everything goes as per plan, GoFirst could restart operations on July 1. The airline will be looking for DGCA approval before it can sell tickets.

Four banks - Bank of Baroda, Central Bank, Deutsche Bank and IDBI Bank – have collective exposure of Rs 6500 crore to GoFirst.

As per a person privy to the developments, “Bank representatives met again on Thursday to discuss the airline's funding request. The airline's revival plan has been analysed.” As per reports, the CoC could make a decision on funding approval within 3-4 days. The additional funding could be announced by early next week.

While Indian Airlines like IndiGo and Tata Group-owned Air India have been making historical orders for airplanes with Airbus, other low-cost airlines in India are struggling.