Go First Airlines have informed the DGCA that the flights will remain cancelled on May 3, 4 since more than half of its fleet is grounded. The cancellations are triggered by recurrent issues such as delay in supply of engines by Pratt & Whitney.
Speaking to PTI, Kaushik Khona said the airline has grounded 28 planes, more than half of its fleet, due to non-supply of engines by Pratt & Whitney (P&W). This has resulted in a fund crunch.
Go First files for voluntary insolvency
The budget carrier has also filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT), Delhi.
"It is an unfortunate decision (filing for voluntary insolvency resolution proceedings) but it had to be done to protect the interests of the company," he said.
The airline by Wadia group is in talks with possible investors and is searching for a strategic investor in the business.
The airline has informed the government about the developments and will also be submitting a detailed report to aviation regulator Directorate General of Civil Aviation (DGCA).
Flights will be suspended on May 3 and 4. Once the NCLT admits the application, then the flights will be restarted, Khona said.
Go First has more than 5,000 employees.
With inputs from PTI
