Go First Is Not The First Airline To Go Bankrupt, Here Is The Full List Of Others Who Have Exited The Business

Wadia Group-owned low-budget carrier, Go First on Tuesday filed for bankruptcy at the National Company Law Tribunal (NCLT), ending over 17 years of its operations, at least for now. Founded as GoAir in 2005, the Mumbai-based airline blamed operational reasons for the cancellation of flights from Wednesday.

Bobins AbrahamUpdated: May 03, 2023, 12:40 IST
5 min read
Indiatimes

Wadia Group-owned low-budget carrier, Go First on Tuesday filed for bankruptcy at the National Company Law Tribunal (NCLT), ending over 17 years of its operations, at least for now.

Founded as GoAir in 2005, the Mumbai-based airline blamed operational reasons for the cancellation of flights from Wednesday.

Go First Is Not The First Airline To Go Bankrupt, Here Is The Full List Of Others Who Have Exited The Business Twitte

It said that operations have been hit due to the non-supply of engines by the US-based Jet engines manufacturer.

"Go First is facing financial crunch due to non-supply of engines by US-based jet engines manufacturer Pratt and Whitney (P&W) that has forced grounding more than 50 planes," a Go First official said.

This is not the first time the no-frills airline was pushed to the brink, and even last month GoFirst ran into financial troubles.

Go First Is Not The First Airline To Go Bankrupt, Here Is The Full List Of Others Who Have Exited The Business GoFirst

While it is too early to say what the future holds for the once-fifth-largest airlines in India, the bankruptcy of GoFirst once again shows how challenging the aviation industry is.

Ever since India opened its skies to private airlines, many have come and gone over the years.

Vayudoot

Vayudoot was set up in 1981 as a joint venture between Indian Airlines and Air India. The airline headquartered in New Delhi aimed to increase connectivity to the Northeast, though it flew to other parts of the country too.

Vayudoot Airlines Vayudoot Airlines | Facebook

However, mounting operational costs and low occupancy of seats meant that the airline was bleeding money. After it became unsustainable to operate, the government pulled the plug on Vayudoot in 1997.

East-West Airlines

East-West Airlines was India's first scheduled private airline to take off the ground after the Open Skies policy was announced in 1991. It had a fleet of eleven aircraft and operated in cities including Mumbai, New Delhi, Chennai, and Trivandrum.

east-west airlines x-PLANE

The company was dealt a major blow in 1995 when its Chairman, Thakiyudeen Wahid, was shot dead near his office. The company, which was already in financial trouble, ceased operations in 1996.

Damania Airways

Damania Airways was founded in 1992 by two brothers, Parvez Damania and Vispi Damania. The company based in Mumbai began operations in 1993, had a fleet of 5 aircraft, and flew to cities like Delhi, Kolkata, Chennai, Bengaluru and Indore.

Damania Airways Damania Airways | forums.x-plane

The company ceased operations in 1997, just four years after it began.

ModiLuft

ModiLuft was a private airline launched as a partnership between industrialist S K Modi and German air carrier Lufthansa in 1993. Despite having a good track record for flight safety, ground maintenance and on-time performance, Modiluft was a short-lived partnership.

modiluft Facebook

It had a fleet size of just six aircraft and ended operations in 1996. Ajay Singh, who bought the air-operating certificate (AOC) of ModiLuft in 2004, renamed the airline SpiceJet.

Sahara Airlines

Sahara Airlines, owned by Subrata Roy, was founded in 1993 and was based in New Delhi. It was rebranded as "Air Sahara" in 2001. In its prime, the airline flew to about 20 destinations and controlled about 12 per cent of the market.

air-sahara Air sahara

In 2003, Air Sahara became the first private Indian airline to offer direct flights to Colombo. In 2007, Air Sahara was acquired by Naresh Goyal's Jet Airways and rebranded JetLite.

Archana Airways

Archana Airways was a private airline based out of New Delhi. Though founded in 1991, Archana Airways began flying only in 1993 to a handful of North Indian cities.

Archana Airways Himalayan Travel Group

Much like other small airlines, Archana Airways, which had a fleet of 9, was plagued with financial losses and ended operations in 2000.

Air Deccan

Air Deccan, founded by Captain Gopinath, is credited with being the first 'budget airline' in India and gave wings to the dream of many Indians to fly.

air deccan BCCL

The Bengaluru-based company began operations in 2003 and had a fleet of 40. In 2007, after Vijay Mallya purchased the stake in the company, it was renamed Simplifly Deccan and later Kingfisher Red.

Paramount Airways

Paramount Airways was based in Chennai and began operations in 2005. M Thiagarajan, a pilot, was just 27 when he floated Paramount Airways and was said to be the youngest airline CEO in the world.

Paramount Airways CAPA

The company ran into trouble with Brazilian aircraft maker Embraer, which was its supplier and ceased operations in 2010.

Kingfisher Airlines

Kingfisher Airlines was founded by businessman Vijay Mallya in 2005. Ever since its inception, Kingfisher was on an expansion spree, buying Air Deccan in 2007 and a fleet of 34 aircraft.

Kingfisher Airlines Kingfisher Airlines | Wikipedia

In 2011, Kingfisher had the second-largest share in India's domestic air travel market. Following massive financial losses and failed attempts to rescue it, Kingfisher quit in 2012.

Air Pegasus

Air Pegasus was founded in 2014, began operation in 2015 and closed down in 2017.

Air Pegasus BCCL

The Bengaluru-based company flew just three flights covering eight cities, mainly in South India. Following a default in lease payments, DGCA deregistered the airline's entire fleet in October 2016. The company never recovered from it and ceased operations in 2017.

Jet Airways

Founded in 1992 by Naresh Goyal, Jet Airways, in its prime, was the largest airline in India. Jet Airways operated a full-service airline unlike most others at the time, and many believe that the competition with budget carriers led to its downfall.

Jet Airways REUTERS

Plagued with financial troubles, Jet Airways ceased operations in April 2019 and filed for bankruptcy.

However, the Jet Airways story did not end there and the airline attempted a comeback under the new management of Jalan-Kalrock Consortium (JKC).

The unprecedented attempt has not been smooth, and Jet Airways 2.0 has missed several launch dates. Just recently, a staff exodus, including CEO-designate Sanjiv Kapoor, has raised questions about whether it will fly again.

TruJet

Founded in 2013 by Telugu actor Ram Charan and Vankayalapati Umesh as promoters, TruJet began operating as a regional carrier in July 2015.

TruJet TruJet

Its fleet of seven ATR-72 aircraft focused on tier-2 and tier-3 airports in nine states, including Andhra, Telangana, Goa, Gujarat, Madhya Pradesh, Maharashtra, Rajasthan and Tamil Nadu.

It ceased operations in February 2022.

For more on news and current affairs from around the world, please visit Indiatimes News.

First Published: May 03, 2023, 11:37 IST
Bobins Abraham

Bobins Abraham is the Assistant News Editor at Indiatimes. He has more than twelve years of experience in TV and digital journalism. An avid student of history and geopolitics, he is a conservationist and environmentalist at heart. He writes on environment, sustainability, human-animal conflict and more.

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