Go First doing everything possible in current situation with utmost care: CEO

Go First chief Kaushik Khona has told employees that the airline has been crippled by recurring Pratt amp Whitney engine troubles and assured that the carrier is doing everything possible to navigate the situation with utmost care and concern for all staffThe nofrills carrier has filed an application for voluntary insolvency proceedings and has also cancelled all its flights for three days starting WednesdayIn a message to employees late on Tuesday Khona said that a terrible crisis has been created by Pratt amp Whitneys failure to supply enginesFor more than 12 months the airlines management has tried their level best to convince PampW to provide spare engines repair engines However PampW has been stonewalling the discussions the CEO said adding that it moved Emergency Arbitration in SingaporeAccording to the airline the arbitrator ordered PampW to supply at least 10 serviceable spare leased engines by April 27 and a further 10 spare leased engines per month until December 2023Also Read Apex court rejects pleas against movie The Kerala Story asks petitioners to approach HCWith that the airline would have had all its A320 neo aircraft operational by August September 2023 unfortunately Pratt amp Whitney has chosen to defy the order from the Emergency Arbitrator Khona said in the messageThe airline approached the arbitrator who reinforced the order and since PampW chose to defy for the second time it filed enforcement proceedings at a US court seeking implementation of the order he addedMore than half of the airlines fleet is grounded due to engine issuesWith a depleted fleet size Khona said the airline is not able to generate revenue for the payment of lessors and as a result they are taking coercive steps against the company by invoking letters of credit grounding notices and demanding return of aircraft The company has been crippled by the recurring Pratt amp Whitney engine troubles Pratt amp Whitneys defiance in not supplying spare engines as instructed by the Emergency Arbitrator has ground your company to a halt he told the staffAgainst this backdrop Khona said there was no other option other than seeking voluntary insolvency resolution proceedings to preserve the companys operations by taking effective stepsAddressing the employees as Go Getters the CEO said we want to reassure you that we are doing everything possible to navigate this situation with the utmost care and concern for all employeesI am hopeful that once the application under section 10 of IBC for interim relief is considered we will be in a better position to update you with a further action plan as and when we receive orders from NCLT he addedSection 10 of the Insolvency and Bankruptcy Code IBC pertains to voluntary insolvency resolution proceedings and applications in this regard are filed before the National Company Law Tribunal NCLTThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever