New Delhi, May 2 (PTI) The civil aviation ministry is keeping a close watch on the developments at crisis-hit Go First and the proceedings that are expected at the National Company Law Tribunal (NCLT) this week, a senior official has said.

Faced with a severe financial crunch as more than half of its fleet is grounded due to the non-availability of Pratt & Whitney engines, Go First on Tuesday filed for voluntary insolvency resolution proceedings before the NCLT and has also decided to cancel all flights for May 3 and 4.

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Against this backdrop, the senior government official said the ministry is keeping a close watch on the developments related to Go First, including the admission of the airline's application by the NCLT.

The country's civil aviation sector is strong and growing but the external issue of global supply chain disruptions is a primary reason for the Go First situation, the official added.

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Domestic air traffic touched an "all-time high" of 4,56,082 passengers in a single day on April 30.

Go First, which has been flying for more than 17 years, carried 29.11 lakh domestic passengers in the first quarter of this year and its market share during this period was 7.8 per cent.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)