Go First Airlines CEO Kaushik Khona has filed for insolvency at NCLT
sociapanews Staff
Go First, the flagship firm of the Wadia group, stated on Tuesday that it has filed for voluntary insolvency at the National firm Law Tribunal (NCLT).
CEO Kaushik Khona delivered a statement in this regard, according to news source PTI. Khona informed PTI that "Go First is suspending flights due to a severe funding crunch."
According to reports, the cash-strapped company also cancelled all of its flights for May 3 and 4.
According to the business' website, Go First "flies to 31 domestic and 10 international destinations with over 200 flights daily" and has "one of the youngest fleets in the world made up entirely of 57 state-of-the-art Airbus A320 aircraft."
According to industry sources, the airline's cash flow has been severely impacted as a result of grounding more than half of its fleet due to ongoing problems and a lack of Pratt & Whitney engines, which power its Airbus A320 neo aircraft.
According to reports, Go First filed an emergency case against Pratt & Whitney on Tuesday due to the non-supply of engines. According to reports, the airline has claimed that it will go bankrupt if engines are not supplied soon.
