Go First Airlines will temporarily suspend flights due to a severe fund crunch on May 3 and 4, the airline's Chief Executive Officer Kaushik Khona said on Tuesday.
The airline has also filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal, according to a PTI report.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
The airline has grounded 28 planes and more than half of its fleet due to non-supply of engines by Pratt & Whitney. The has resulted in a fund crunch, Khona said.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
"It is an unfortunate decision (filing for voluntary insolvency resolution proceedings) but it had to be done to protect the interests of the company," Khona said.
The Wadia Group-owned company has informed the government about the development and will also be submitting a detailed report to the Directorate General of Civil Aviation.
(With inputs from PTI)
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
