Go First files for voluntary insolvency

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Editor's note: The Wadia Group-owned Go First has filed for voluntary insolvency resolution proceedings before the National Company Law Tribunal even as it suspended flights on 3 and 4 May due to a “severe fund crunch”.  “Go First is facing financial crunch due to non-supply of engines by P&W that has forced grounding of 28 planes,” Go First chief executive officer Kaushik Khona told news agency Press Trust of India.  The low-cost airline had been struggling ever since half its fleet of 57 aircraft was grounded due to engine issues, compounded by supply shortages from manufacturer Pratt & Whitney.  The airline has also filed an emergency petition in a court in Delaware, US, against Pratt  & Whitney. In its petition, Go FIrst has said there’s a “significant risk that Go First will go out of business and be forced to declare bankruptcy” if not given engines soon. “The percentage of grounded aircraft due to Pratt & Whitney’s faulty engines has grown from seven percent in December 2019 to 31 percent in December 2020 to 50 percent in December 2022. This is despite …