GoFirst files for insolvency, suspends operations

Indian low-cost carrier GoFirst has filed for insolvency with the National Company Law Tribunal in Delhi due to a lack of funding. As a result, the airline announced it has suspended operations, initially until 3 or 4 May 2023.

GoFirst is blaming its financial difficulties squarly on Pratt & Whitney as the airline has been forced to ground large part of its A320neo-fleet due to a lack of spare engines and parts. The airline is, therefore, sueing P&W for fair compensation, which will enable the airline to resume operations and meet its financial obligations. According to the press-release of GoFirst, the airline has lost more than 1 billion US dollar due to the engine issues.

The airline was founded as GoAir in 2004 and is owned by the Wadia Group. The fleet consisted of five A320s, and 49 A320neos. Of the neos, 27 were grounded due the engine issues, resulting in a downsize of operations and with that a significantly reduced cashflow.

Photo by Anton Homma.