Go First, an airline owned by the Wadia group, has filed for insolvency as it is facing a severe shortage of funds. The CEO of the company, Kaushik Khona, said that Go First has grounded around 28 planes, which make up more than half of its fleet, due to the non-supply of engines by Pratt and Whitney (P&W). The airline has sued P&W in US federal court, seeking to enforce an arbitral award that asks the engine maker to supply the airline.
Khona also said that Go First flights will be suspended for three days – May 3, 4 and 5 – due to the fund crunch. This situation has led to Go First’s market share falling to 6.9 per cent in March from 8.4 per cent in January, according to the latest data from the Indian aviation regulator.