Cash-strapped Indian airline Go First Airways has suspended its flights for 3-4 May, and filed for insolvency resolution proceedings in the National Company Law Tribunal, local media reported on Tuesday.
Go First is suspending flights due to a severe funding crunch, the news agency said in a report, citing the airline’s Chief Executive Kaushik Khona.
Khona did not respond to Reuters’ calls seeking comment. A Go First spokesperson did not immediately respond to a request for comment.
Go First has grounded more than half of its 61-plane fleet due to recurrent issues and the non-supply of engines from Pratt & Whitney, which powers its Airbus A320 neo aircraft, the Economic Times reported earlier on Tuesday.
The grounded flights have led to Go First’s market share falling to 6.9% in March from 8.4% in January, latest data from the Indian aviation regulator showed.
The airline was seeking to raise funds and Indian conglomerate Wadia Group was reported to be in talks to either sell a majority stake or completely exit its shareholding.
Go First has also sued Pratt & Whitney in a US federal court, seeking to enforce an arbitral award that asks the engine maker to supply the airline, the ET report said.
The airline posted its biggest annual loss in fiscal 2022.
(Reuters)
