Go First, an Indian airline, has filed for voluntary insolvency resolution proceedings after suspending its flights due to financial difficulties.
India’s Go First airline has filed for bankruptcy, blaming “faulty” Pratt & Whitney engines for the grounding of around half its fleet composed mainly of Airbus A320neo aircraft.
The move marks the first major airline collapse in India since Jet Airways filed for bankruptcy in 2019, and underscores the fierce competition in a sector dominated by IndiGo and the entry of newer operators such as Akasa Air.
Go First said its filing with the National Company Law Tribunal (NCLT) comes after Pratt & Whitney, the exclusive engine supplier for the airline’s Airbus A320neo aircraft fleet, refused to comply with an order to release spare leased engines to the airline that would have allowed it to return to full operations.
Due to operational reasons, GoFirst flights for 3rd, 4th and 5th May 2023 have been cancelled. We sincerely apologise to our loyal customers. Please visit https://t.co/qRNQ4oQROr for more information. We assure that we’ll be back with more information soon. #GoFirst pic.twitter.com/QAJlL017QS
— GO FIRST (@GoFirstairways) May 2, 2023
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- Source: https://www.aviation24.be/airlines/go-first-go-air/indian-airline-go-first-files-for-insolvency/
