afaqs! news bureau

Go First Airlines files for voluntary insolvency, suspends all flights on May 3 and 4

The move comes amid a severe fund crunch the company

Go First Airlines owned by the Wadia Group will temporarily suspend all their flights on May 3 and May 4. The airline has also filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT), as per a report by PTI. 

Go First chief- Kaushik Khona has said that the airline has grounded 28 planes because of non-supply of engines by Pratt & Whitney (P&W) which has led to a fund crunch in the company.  Once the NCLT admits the application, then the flights will be restarted, Khona told the media. The airline will also be  submitting a detailed report to aviation regulator Directorate General of Civil Aviation (DGCA).

“It is an unfortunate decision (filing for voluntary insolvency resolution proceedings) but it had to be done to protect the interests of the company," Khona told the media.

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