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Go First Airlines went bankrupt, All flights have been cancelled till May 9th
Go First Airlines
Wadia Group's airline Go First, which is experiencing financial difficulties, has suspended all bookings until May 15.
New Delhi: Wadia Group's airline Go First, which is experiencing financial difficulties, has suspended all bookings until May 15. In addition, all flights till May 9 have been cancelled. The group has also asked the NCLT to declare it bankrupt.
Earlier on Monday, Go First announced the cancellation of flights for May 3, 4, and 5. In a tough stance, the Directorate General of Civil Aviation, or DGCA, has asked the company to refund passengers' money as soon as the flights are cancelled.
Go First is facing a cash crunch these days due to non-supply of engines. Aircraft engine manufacturer Pratt & Whitney (PW) was meant to supply engines to Go First but did not deliver on time. As a result, more than half of the company's aircraft were forced to be grounded. They are also facing shortage of money due to the airline cancellations. Not only that, but the company does not have the money to replenish the fuel.
According to the media reports, the bank has supplied Go First with a loan facility of Rs 4,500 to 5,000 crore. The airline also listed Rs 6,521 crore in liabilities in its bankruptcy application. The airline has applied to the National Company Law Tribunal (NCLT) in Delhi for a settlement procedure.
