Go First Files Voluntary Insolvency Resolution After Suspending Flights On May 3 & 4 For Severe Fund Shortage

Mumbai: Budget Indian carrier Go First has filed for voluntary insolvency resolution proceedings on Tuesday before the National Company Law Tribunal (NCLT), Delhi. The airline will temporarily halt operations on May 3 and May 4, due to a serious cash shortage, CEO Kaushik Khona of the company informed.

Speaking to media, Khona claimed that the airline had grounded 28 aircraft—more than half of its fleet—due to Pratt & Whitney’s (P&W) failure to supply engines. Consequently, there is a financial crisis.

“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 has informed the government of the events and will also provide a thorough report to the Directorate General of Civil Aviation (DGCA), which oversees aviation safety.

There will be no flights on May 3 and 4. Flights will resume after the NCLT approves the application, according to Khona.

More than 5,000 people are employed at Go First.