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New Delhi: Go First files for bankruptcy
Suspends flights for 3 days
New Delhi : Cash-strapped airline Go First has filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal, informed the company's CEO Kaushik Khona. Go First flights will also be suspended for three days – May 3, 4 and 5 – as it has been facing a severe fund crunch, Khona said. He said the Wadia group-owned airline has grounded around 28 planes, which make up more than half of its fleet, due to the non-supply of engines by Pratt and Whitney (P&W). This has resulted in a fund crunch. Go First has sued P&W in US federal court, seeking to enforce an arbitral award that asks the engine maker to supply the airline. The grounded flights have led to Go First's market share falling to 6.9 per cent in March from 8.4 per cent in January, according to the latest data from the Indian aviation regulator.
