The Indian airline business Go First has decided to cancel all of its flights on the 3rd and 4th of May. The Wadia Group, which owns the failing airline, is reticent to invest further in the company’s operations.
According to the chief executive officer of the airline, Kaushik Khona, who was describing the issue to PTI, the airline has been forced to apply for voluntary insolvency resolution procedures due to the suspension of operations. These processes will take place before the National Company Law Tribunal in Delhi.
“It is an unfortunate decision… but it had to be done to protect the interests of the company,” said Khona. “Go First is facing a financial crunch due to the non-supply of engines by Pratt & Whitney, which has forced the company to ground 28 planes.” “It is an unfortunate decision… but it had to be done to protect the interests of the company.”
The airline now has over 3,000 workers and has already told the government that they would be presenting a full report to the Director General of Civil Aviation. However, according to the CEO, the airline will not begin flying operations until after the insolvency application has been accepted.
In a statement that was released on Tuesday afternoon, Go First said that it ‘had to take this decision owing to the ever-increasing number of malfunctioning engines’ that were provided by the American firm Pratt & Whitney. According to the airline, these malfunctions were responsible for the grounding of 25 aircraft as of May 1; this is over half of their whole fleet.