Go First Airlines, a subsidiary of the Wadia Group of companies, has filed for insolvency proceedings with the National Company Law Tribunal (NCLT), citing a US-based engine manufacturing company as the reason for grounding its flights.

Despite filing for insolvency, Go First Airlines has assured its customers that they will receive full refunds for flights that have been cancelled from May 3 to May 5. The airline has also stated that its flight operations will remain suspended during this period. Additionally, two flights were grounded in Surat, Gujarat last night. The airline has blamed a US-based engine manufacturer for the insolvency proceedings.

Kaushik Khona is the current CEO of Go First Airlines, which is known for being one of the most ultra-low-cost airlines in India. He confirmed to PTI that the company has filed for insolvency, citing issues with the Pratt and Whitney engines supplied by a US firm as the reason for its financial troubles.

Who is Kaushik Khona?

Kaushik Khona is a business executive who currently serves as the Chief Executive Officer (CEO) of Go First Airlines, which was previously known as Go Airlines. He was appointed to this position in August 2020, and since then the company has reported significant losses.

According to his LinkedIn profile, Kaushik Khona is not only the CEO of Go First Airlines but also an insolvency professional and management consultant. He has held various positions such as COO, CFO, and CXO at large firms including Cadila Pharmaceuticals, Talati and Talati, and Wind World.

Also Read: Meet Ajay Banga, IIM Grad, President Of World Bank, Salary Was Rs 192 Crore; Know His Education, Net Worth

Go First Airlines, under the leadership of Kaushik Khona, experienced its biggest loss to date, with a revenue of only Rs 4,184 crore. The company reported a significant loss of Rs 1,808 crore in its financial report for 2022, stating that it has a negative net worth of Rs 3,222 crore.

Go First Airlines announced that its operations will remain cancelled due to the non-supply of engines by the US-based jet engine manufacturer.

According to a Go First official who spoke with ANI, the airline is experiencing financial difficulties because it has not received engines from US-based jet engine manufacturer Pratt and Whitney (P&W), which has resulted in the grounding of more than 50 planes.

Despite filing for insolvency, Go First Airlines has assured its customers that they will receive full refunds for flights that have been cancelled from May 3 to May 5. The airline has also stated that its flight operations will remain suspended during this period. Additionally, two flights were grounded in Surat, Gujarat last night. The airline has blamed a US-based engine manufacturer for the insolvency proceedings.