Cash-strapped Go First cancels May 3, 4 flights, files for insolvency

Watchful Go First Airlines flights to remain cancelled on May 3, 4; files for voluntary insolvency

Go First Cancels All Flights on May 3-4 Due to Financial Crisis, Files Plea for Insolvency

Go First Airlines has informed the DGCA that flights will remain canceled on 3 May 4 as more than half of its fleet is grounded. The cancellations are prompted by recurring problems, such as delays in deliveries of Pratt & Whitney engines.

Speaking to PTI, Kaushik Khona said the airline has grounded 28 aircraft, more than half of its fleet, due to non-delivery of Pratt & Whitney (P&W) engines. This led to a financial crisis.

Go First applies for voluntary insolvency

The budget carrier has also filed for voluntary insolvency proceedings before the National Company Law Tribunal (NCLT) in Delhi.

“It is an unfortunate decision (filing a proposal for a voluntary resolution of bankruptcy), but it had to be made to protect the interests of the company,” he said.

The Wadia Group airline is in talks with potential investors and is looking for a strategic investor for the deal.

The airline has informed the government about the development and will also submit a detailed report to the Directorate General of Civil Aviation (DGCA) for aviation regulation.

Flights will be suspended on May 3 and 4. Once the NCLT accepts the application, the flights will resume, Khona said.

Go First has more than 5,000 employees.