32 C
Monday, May 29, 2023

GoFirst following Kingfisher’s bankruptcy path?

- Advertisement -

GoFirst, a low-cost carrier owned by the Wadia Group, might share Jet Airways’ demise. Indian Airlines may soon become insolvent, another airline. Due to a major financial situation, Go First, a low-cost carrier owned by the Wadia Group, has temporarily halted flights on May 3 and 4. On Tuesday, Kaushik Khona, the airline’s CEO, provided this information.

The National Company Law Tribunal (NCLT), Delhi, received a voluntary insolvency resolution proceeding request from Go First on Tuesday. The airline stated that it has taken the action “to protect the interests of all stakeholders” as it is no longer able to continue to satisfy its financial obligations.

Go Airlines issued a statement explaining that they were forced to take the action because of the “increasing number of Pratt & Whitney’s International Aero Engines failing engines.”

Go Airlines also halted all of its flights for the following three days, May 3, 4, and 5, due to a serious financial crisis.

Related Articles

Latest Articles