Go First's plea for voluntary insolvency proceedings was heard by the National Company Law Tribunal NCLT. During its investigation, Go First blamed engine-maker Pratt Whitney for its problems, saying their faulty engines have resulted in the grounding of 50 percent of its fleet.
Kaushik Khona, airline's CEO, has said that the airline will not issue any new tickets until May 15th. It has, so far, cancelled air tickets to flights to London, England.
In an interview with Reuters, Khona said the insolvency proceedings are an attempt to revive the operations and not sell it. The government is notletting the airline fail, he said.
The airline says that an Insolvency Resolution Professional should be appointed for the turnaround of the carrier.
Go First has said the company is in insolvency because of the engine supplier, and has not incurred any other financial misdoings.
Go First said 28 of its aircraft are currently grounded. It said that the promoter invested Rs 290 million in April.
Go First has said it is seeking intervention from NCLT to retain its aircraft. He argues that the lessors should not be restrained from taking back its aircraft and from DGCA to take any adverse action against Go First.