Go First halts flights and files for insolvency proceedings, here's what it meansInsolvency is a legal process through which a company is unable to pay off its debts and seeks protection from its creditors. The insolvency filing allows the company to seek protection from its creditors while it restructures its debt and financial obligations. The Wadia Group's airline, Go First, has filed for insolvency resolution because it is unable to fulfil its financial commitments. The airline attributed the grounding of 50% of its fleet to the Pratt & Whitney engines that it received that were deficient. Go First claimed in a statement confirming its insolvency petition that it had taken this action due to the rising number of Pratt & Whitney engines that were failing down.

Source: dna May 03, 2023 11:27 UTC