Active Stocks
Fri Jun 14 2024 15:58:47
  1. HDFC Bank share price
  2. 1,597.45 1.05%
  1. State Bank Of India share price
  2. 840.20 -0.44%
  1. Tata Steel share price
  2. 183.05 0.30%
  1. ICICI Bank share price
  2. 1,105.10 -0.20%
  1. Kotak Mahindra Bank share price
  2. 1,717.00 -0.54%
Business News/ Companies / News/  Go First cancels flights, files for insolvency
BackBack

Go First cancels flights, files for insolvency

Go First has had to ground several of its aircraft due to recurrent issues and non-supply of engines from Pratt & Whitney which power its Airbus A320 neo aircraft.

Go First has 59 aircraft in its fleet.Premium
Go First has 59 aircraft in its fleet.

New Delhi: Low-cost carrier Go First has suspended flights for the next two days amid fleet issues and shortage of funds, two people aware of the development said. 

The airline, backed by Wadia group, has also filed for bankruptcy before National Company Law Tribunal (NCLT), a third person aware of the development said. The airline is expected to wait for NCLT and resolution professionals to decide on the future course of the carrier, he added.

The airline has informed the regulator Directorate General of Civil Aviation about the cancelled flights on 3-4 May.

"The airline does not have any inventory of tickets over the next two days. Hence, fresh bookings for travel over the next two days are not available on ticket booking platforms," one of the people aware of the matter said.

As per data from the Directorate General of Civil Aviation, the airline's market share stood at 6.9% in March compared with 9.8% a year ago.

The airline has 59 aircraft in its fleet, as per data from aviation website flightradar24.

"Several flights for 3 May are also cancelled as per the current status the flight operations. A lot of flights in the morning were also delayed today," another person said.

Go First has had to ground several of its aircraft due to recurrent issues and non-supply of engines from Pratt & Whitney which power its Airbus A320 neo aircraft.

The airline has filed an emergency petition in Delaware Federal court seeking enforcement of two arbitral awards which ordered the engine manufacturer to deliver serviceable engines to Go First immediately.

Go First told the court Friday that in the Singapore International Arbitration Commission proceedings held this spring before emergency arbitrator Michael Lee, the airline was awarded relief because Pratt & Whitney's engine partner International Aero Engines LLC failed to perform its contractual obligations.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 02 May 2023, 03:34 PM IST
Next Story footLogo
Recommended For You