According to CEO Kaushik Khona, the Indian airline Go First filed a voluntary insolvency resolution application with the National Company Law Tribunal (NCLT) on Tuesday.

First major airline collapse in India since Jet Airways filed for bankruptcy in 2019, and underscores fierce competition in a sector dominated by IndiGo and Akasa Air.

Also on its website, the airline, formerly known as GoAir and owned by the Wadia Group, said it had canceled flights scheduled for May 3-May 5 due to "operational reasons".

Whether Go First flies, and how many flights it operates, from May 5 remains to be seen.