Financial troubles have reached the breaking point for Indian low-cost carrier Go First. As reported by The Times of India, the airline has filed initial bankruptcy proceedings with the National Company Law Tribunal (NCLT).
Speaking to local media, Go First CEO Kaushik Khona referred to the proceedings as an “unfortunate decision,” adding that it had been done to “protect the interests of the company.”
Suspended services
On Tuesday, Go First announced it would be suspending all flights between May 3 and 5 due to “operational reasons,” raising concerns for the future of the cash-strapped budget airline.