BENGALURU, May 2 (Reuters) – Cash-strapped Indian airline Go First Airways has suspended its flights for May 3 and 4, and filed for insolvency decision proceedings within the National Company Law Tribunal, native media reported on Tuesday.

Go First is suspending flights on account of a extreme funding crunch, PTI mentioned in a report carried by ET Now, citing the airline’s Chief Executive Kaushik Khona.

Khona didn’t reply to Reuters’ calls searching for remark. A Go First spokesperson didn’t instantly reply to a request for remark.

Go First has grounded greater than half of its 61-plane fleet on account of recurrent points and the non-supply of engines from Pratt & Whitney, which powers its Airbus A320 neo plane, the Economic Times reported earlier on Tuesday.

The grounded flights have led to Go First’s market share falling to six.9% in March from 8.4% in January, newest data from the Indian aviation regulator confirmed.

The airline was searching for to lift funds and Indian conglomerate Wadia Group was reported to be in talks to both promote a majority stake or utterly exit its shareholding.

Go First has additionally sued Pratt & Whitney in a U.S. federal court docket, searching for to implement an arbitral award that asks the engine maker to produce the airline, the ET report mentioned.

The airline posted its greatest annual loss in fiscal 2022.

Reporting by Varun Vyas in Bengaluru; Editing by Savio D’Souza

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