India’s budget carrier Go First on Tuesday filed for bankruptcy before the National Company Law Tribunal (NCLT) and temporarily suspended flight operations on May 3 and 4 due to a "severe fund crunch".
Chief Executive Kaushik Khona said that flight operations will resume once the NCLT admits the application, PTI news agency reported. More than 5,000 people are employed with Go First.
“It is an unfortunate decision (filing for voluntary insolvency resolution proceedings) but it had to be done to protect the interests of the company,” he told PTI.