Budget airline According to two sources with knowledge of the situation, Go First has grounded its planes for the next two days due to mechanical problems with its fleet and a lack of operating capital.
A third party with knowledge of the situation confirmed that the airline, which is sponsored by the Wadia group, had filed for bankruptcy with the National Company Law Tribunal (NCLT). A decision on the airline’s future course would be made by NCLT and resolution specialists, he added.
Flights on May 3 and 4 have been cancelled, and the airline has notified the relevant authorities (Directorate General of Civil Aviation).
The airline is completely sold out for the next two days. According to one of the persons familiar with the situation, “new bookings for travel over the next two days are not available on ticket booking platforms.”
The airline’s market share decreased to 6.9% in March from 9.8% in March 2017 according to statistics from the Directorate General of Civil Aviation.
According to flightradar24.com, the airline operates a total of 59 aircraft. According to the present state of airline operations, other flights scheduled for May 3 have been cancelled as well. Another commenter noted that “many morning flights were also delayed today.”
Because of repeated problems and a lack of engines from Pratt & Whitney, some of Go First’s Airbus A320 neo-powered planes have been grounded.
The airline has filed an emergency petition in Federal court in Delaware to enforce two arbitral rulings that require the engine manufacturer to promptly deliver operational engines to Go First.
On Friday, Go First informed the court that emergency arbitrator Michael Lee of the Singapore International Arbitration Commission had ruled in the airline’s favour after a dispute arose over Pratt & Whitney’s failure to fulfil its contractual obligations regarding the use of International Aero Engines LLC’s engines.
SOURCE :- https://www.livemint.com/companies/news/go-first-cancels-flights-files-for-insolvency-11683020690348.html