News Headlines
Go First Faces Financial Crunch, Grounds Flights For 3 And 4 May
Go First airline (Representative image)
Go First, owned by Wadia group, will halt flights on 3 and 4 May due to financial difficulties, says its chief Kaushik Khona.
The low-cost airline has applied for insolvency resolution proceedings with National Company Law Tribunal (NCLT), Delhi, reports PTI.
Khona told PTI that due to non-supply of Pratt and Whitney engines, the airline has grounded more than half of its fleet, which amounts to 28 planes, causing a financial shortage.
"It is an unfortunate decision (filing for voluntary insolvency resolution proceedings) but it had to be done to protect the interests of the company," he said.
The airline has notified the government of the recent events and intends to provide a comprehensive report to the aviation regulator, the Directorate General of Civil Aviation (DGCA).
As per Khona's statement, flights are set to be suspended on 3 and 4 May, and will resume once the NCLT accepts the application.
Go First has a workforce of over 5,000 employees.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
