Go First suspends flights for May 3, 4

Go First has cancelled all flights for May 3 and 4 owing to a financial crisis, the domestic airline said on Tuesday.

The airline operates on a cash-and-carry model and lacks funds to pay oil marketing companies (OMCs) their dues. As a result, the flights for the next two days have been suspended.

The budget carrier has grounded 28 planes, more than half of its fleet due to non-supply of engines by Pratt & Whitney (P&W), airline's chief Kaushik Khona told PTI. Also, it has filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT), Delhi.

"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.

It has also communicated to the government about the current developments and will submit a detailed report to the aviation regulator Directorate General of Civil Aviation (DGCA). "Once the NCLT admits the application, then the flights will be restarted," Khona added.

Last month, the cash-strapped Indian airline was in talks with strategic partners to either sell a majority stake in Go First or completely exit it, the Economics Times had reported, citing sources.

The company had suffered its biggest annual loss in fiscal 2022 and has been facing operational problems in the last few months as half of its aircraft were grounded due to supply chain disruptions related to Pratt & Whitney (P&W) jet engines, the report claimed.

With inputs from agencies.