The tribunal had reserved its order in the matter on 4 May. The Wadia Group firm filed for insolvency on 2 May following suspension of flights on 3 May. “Basically, what you are asking is a pre-emptive action to stop the lenders from asking for money”, the court said. Go First in its petition said that its flights were being grounded due to the persistent issues with engines supplied by American firm, Pratt and Whitney(P&W). Added to that the non-availability and engine failures had resulted in the company bearing losses of over ₹10,800 crores.

Source: Mint May 10, 2023 06:04 UTC