Go First to resume operations from May 24 with a smaller fleet. Details here

Go First is planning to restart its flight services by 24 May, people aware of the airline's plan told Economic Times. Sources said that the airline is planning to restart 23 aircrafts with a smaller operation. Till 2 May, 27 Go First aircrafts were operating.

"It has 51 and 37 departure slots at the main airports of Delhi and Mumbai. There is a plan to resume operation as early as possible but it will be with a truncated schedule," a person aware of the matter was quoted by ET.

Earlier yesterday, the carrier said that it has cancelled all its flights until May 19. Prior to that, the cancellations were till May 12. The airline said a full refund would be issued to the original mode of payment shortly.

Also Read: Go First bankruptcy: What does bankruptcy protection mean for airline?

Meanwhile, The National Company Law Tribunal (NCLT) agreed to grant Go First protection under moratorium from recovery by lessors, lenders. NCLT, in its judgement, had said “we admit the plea of Go Airlines for insolvency proceedings." Besides, NCLT also ordered to keep the company as a going concern and ensure that no employee are retrenched.

After the NCLT order, Go First CEO Kaushik Khona said, “This is a historic ruling as an application of insolvency has been admitted so fast. The order prevents a viable airline from becoming an unviable one. The purpose of IBC has always been revival

This is the first time an Indian airline has voluntarily sought bankruptcy protection to renegotiate contracts and debt. The move could, however, complicate repossession efforts by lessors, which have in recent days filed requests with India's aviation regulator for the return of about 40 Go First planes after rental payments were missed.

The low-cost carrier, recently rebranded as Go First, has said its financial crisis was sparked by what it called "faulty" Pratt & Whitney engines that grounded about half its 54 Airbus A320neos. The US engine maker, part of Raytheon Technologies, has said the claims are without evidence.