The airline said it has already mobilised around Rs 400 crore towards getting its grounded fleet back in the air, further enhancing its top line.
On Tuesday, Go First Airline filed for voluntary insolvency resolution proceedings in the National Company Law Tribunal (NCLT) and cancelled its flights on May 3, 4, and 5.
“However, considering the present financial situation of the corporate applicant defaults to financial creditors would be imminent,” the filing said.
The filing shows that the airline’s total liabilities to all creditors stand at Rs 11,463 crore. This includes dues to banks, financial institutions, vendors, and aircraft lessors.
Go First, in its filing, also said that the “ever-increasing number of failing engines supplied by Pratt & Whitney’s international Aero Engines” led to the grounding of 25 A320 neo jets.
American engine maker P&W responded that Go First has a history of breaching financial deadlines, but it (P&W) will continue to meet its obligations to other airlines.
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