Go First, an Indian airline owned by the Wadia Group, has announced the cancellation of all its flights until May 12, citing operational reasons. The move comes as the airline faces financial difficulties and has filed for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT).
Go First’s parent company, the Wadia Group, has reportedly been seeking a buyer for the airline for several months. The carrier has also been in talks with its lenders to restructure its debt and has been exploring the possibility of raising fresh capital.
However, the airline’s financial troubles have persisted, leading it to file for voluntary insolvency resolution proceedings before the NCLT. The tribunal has reserved its order on the plea.
In a tweet, Go First said: “Due to operational reasons, Go First flights scheduled till 12th May 2023 have been cancelled.” The airline did not provide any further details about the cancellations.
The cancellation of flights is likely to cause inconvenience to passengers who had booked tickets with Go First. The airline has advised passengers to check the status of their flights and to contact its customer service team for assistance.
Go First is the latest Indian airline to face financial difficulties. Several airlines in the country, including Jet Airways and Kingfisher Airlines, have gone bankrupt in recent years due to rising fuel costs, intense competition, and other factors.
The COVID-19 pandemic has also had a significant impact on the aviation industry, with airlines around the world facing financial difficulties as travel demand has plummeted.
The Indian government has introduced a number of measures to support the country’s aviation industry during the pandemic, including financial aid and tax relief. However, many airlines continue to struggle, and the outlook for the industry remains uncertain.