Go First files for insolvency; suspends flights amid fleet issues, shortage of funds

Low-cost carrier Go First has filed for voluntary insolvency resolution amid fleet issues, shortage of funds thus suspending flights due to the impending bankruptcy crisis. 

The carrier, supported by Wadia group, has likewise petitioned for financial protection under the watchful eye of Public Organization Regulation Court (NCLT). A third person aware of the development said that the airline is likely to wait for NCLT and resolution professionals to decide on the carrier's future course.

According to data from the Directorate General of Civil Aviation, the airline's market share stood at 6.9% in March, compared to 9.8 per cent a year ago. The airline has informed the regulator, the Directorate General of Civil Aviation, about the cancelled flights on May 3-4.

According to information obtained from the aviation website flightradar24, the airline owns 59 aircraft.
Go First's Airbus A320 neo aircraft have been grounded on multiple occasions due to recurring issues and a lack of Pratt & Whitney engines.

The carrier has recorded a crisis request in Delaware Government court looking for authorization of two arbitral honors which requested the motor maker to convey useful motors to Go First right away

Go First told the court on Friday that in the Singapore Worldwide Assertion Commission procedures held this spring before crisis judge Michael Lee, the aircraft was granted help in light of the fact that Pratt and Whitney's motor accomplice Global Air Motors LLC neglected to play out its legally binding commitments.

Also read : Assam: Huge cache of arms and ammunition recovered during raid in Udalguri