Go First Insolvency: Flights Suspended Till May 30, Full Refund Soon

Home

/

Companies

/

News

/  Go First Insolvency: Flights suspended till May 30, full refund soon

Go First Airlines flight operations to remain canceled till May 28.Premium
Go First Airlines flight operations to remain canceled till May 28.

Domestic airline Go First on Friday announced that all their flights remain suspended till May 30. Go First had on 2 May filed for involuntary insolvency and announced the suspension of its flights, which was initially for two days.

The airline company, previously known as Go Air, announced that a refund in full amount would be made shortly.

“Due to operational reasons, Go First flights until 30th May 2023 are cancelled. We apologise for the inconvenience caused," the airline tweeted.

Go First's announcement comes a day after aviation watchdog DGCA asked the cash-strapped airline to submit a comprehensive plan for the revival of its operations, including details about the availability of operational planes and pilots, within 30 days.

The airline cited ‘operational reasons’ for the cancellations of flights. “We regret to inform that due to operational reasons, Go First flights scheduled till 28th May 2023 have been canceled. We apologize for the inconvenience caused by the flight cancellations. A full refund will be issued to the original mode of payment shortly" the announcement read.

The airline also noted, “the company will be able to resume bookings shortly."

The no-frills carrier, which is undergoing a voluntary insolvency resolution process, stopped flying on 3 May and lessors are looking to take back aircraft leased to the carrier.

The source at the Directorate General of Civil Aviation (DGCA) said the regulator advised the airline on May 24 to submit a comprehensive restructuring plan for a sustainable revival of operations. The plan has to be submitted within a period of 30 days, the source added.

Go First has been asked to furnish the status of the availability of the operational aircraft fleet, pilots and other personnel, maintenance arrangements, funding and working capital, and arrangements with lessors and vendors, among other details.

The revival plan, once submitted by Go First, would be reviewed by the watchdog for further appropriate action.

On May 2, Go First announced filing the plea for voluntary insolvency resolution proceedings as well as suspension of flights, initially for two days -- 3 and 4 May.

On May 22, the National Company Law Appellate Tribunal (NCLAT) upheld the NCLT's decision to admit Go First's plea for voluntary insolvency resolution proceedings.

The ruling had come on petitions filed by four lessors opposing the insolvency resolution proceedings of the airline.

Catch all the

Corporate news

and Updates on Live Mint. Download The

Mint News App

to get Daily

Market UpdatesBusiness News

.

More Less

Updated: 27 May 2023, 08:25 AM IST

Next Story

No Network

Server Issue

Internet Not Available

RECENT NEWS

Middle East Tensions: The Elusive Hamas-Israel Ceasefire

The conflict between Hamas and Israel remains one of the most intractable and enduring disputes in the Middle East. Desp... Read more

The Power Behind Bars: Peter Navarro's Influence On Trump's Potential Return

As America approaches its November election, the corridors of power are abuzz with speculation about the economic direct... Read more

Internal Strife Surfaces As Ukraines Reconstruction Chief Resigns

Kyiv, June 11, 2024 – Ukraine’s post-war reconstruction plans have encountered a significant setback with the resign... Read more

Philippines Stands Firm On South China Sea Outposts Despite Foreign Pressure

Manila, Philippines – In a bold assertion of its sovereignty, the Philippines has declared that it will maintain its o... Read more

The Unexpected Turn In India's Political Landscape

In a surprising turn of events, the world's largest democracy has demonstrated its power to hold political elites accoun... Read more

The Resilient American Consumer: A Driving Force For Economic Growth

Despite various economic challenges, the American consumer has proven to be a resilient force, driving the country's eco... Read more