Air Carrier Go First Airways on Tuesday filed for insolvency resolution proceedings in the National Company Law Tribunal. It has also suspended its flights for the next three days.
The Wadia Group-owned air carrier with more than 5,000 employees has taken the decision amid severe fund crunch. The company’s chief executive officer Kaushik Khona said that Go First has grounded 25 aircraft due to non-supply of engines by Pratt & Whitney (P&W).
What is voluntary insolvency?
