Cash-strapped Go First, which is undergoing voluntary insolvency resolution process, plans to restart operations with 26 planes and 152 daily flights, and has submitted the revival plan to aviation regulator DGCA, according to a source.

Besides, the airline is in discussions with lenders for funds to meet the working capital requirements.

The airline stopped flying from May 3 and is yet to pay some senior level executives and pilots.

On the condition of anonymity, the source said the carrier's salary outgo is around Rs 30 crore per month and currently, the workforce is around 4,700 as many have put in their papers in one month.

The source said the airline management is awaiting the nod from the Directorate General of Civil Aviation (DGCA) for the revival plan and operations will resume soon after the regulator's approval.

The Mumbai-based airline's senior executives have held discussions with senior DGCA officials on the revival plan.

"As per the plan provided to the DGCA this week, Go First is looking to recommence operations with a fleet of 26 aircraft, of which 22 will be engaged in active operations and 4 will be kept as spares," the source told PTI.

With this fleet, the airline will be operating 152 flights per day, the source added. Prior to grounding on May 3, the airline was operating around 200 flights daily.

According to the source, the regulator had raised certain queries and sought clarifications on the revival plan, and those have been addressed.

Prior to pausing operations a month ago, Go First was operating over 200 flights daily.

Go First, which had 5,000 employees just about a month ago, now has around 4,700 staff on its roll.

The budget carrier, which had been flying for more than 17 years, filed for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT) on May 2 and the plea was admitted on May 10.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.