Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business1 day ago
Go First airline, which has been grounded since early May, has announced an extension of flight cancellations till July 30.
“Due to operational reasons, Go First flights until 30th July 2023 are cancelled. We apologise for the inconvenience caused,” it wrote on Twitter on Friday.
On May 2, Go First cancelled its flights and filed for voluntary bankruptcy before the National Company Law Tribunal (NCLT). It said delays on the part of a US-based engine maker eventually led to the grounding of a portion of its fleet.
Last Friday, India's Directorate General of Civil Aviation (DGCA) had said Go First may resume scheduled flight operations on the availability of interim funding and approval of flight schedule.
The regulator had allowed the operation of 15 aircraft and 114 daily flights. The DGCA said the sale of tickets may resume only after the approval of the flight schedule.
Soon after the DGCA's go-ahead, the airline on Tuesday started its ‘handling’ flight from Mumbai.
Handling flights are operated by airlines when aircraft remain grounded for a long. As per DGCA guidelines, airlines are mandated to carry out handling flights to ensure that the aircraft are ready for operations.
The airline has approximately 4,200 employees, and it reported total revenue from operations at Rs41.83 billion in 2021-22.
There were reports that the grounding of the Go First flights had put pressure on airfares, particularly on select routes where it had a footprint.
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