Aviation regulator DGCA on Tuesday issued a show cause notice to Go First after the airline decided to cancel flights for two days amid a severe financial crunch.

The crisis-hit airline has cancelled all their scheduled flights for May 3 and 4 "without any prior intimation", the Directorate General of Civil Aviation (DGCA) said in a statement.

"Since Go First has failed to adhere to the approved schedule leading to passenger inconvenience, this is non-compliance with the condition for approval of the schedule.

"The airline has been called upon to show cause as to why suitable action should not be initiated against the airline for the aforesaid violation," it said.

Go First has been asked to submit its response to the DGCA within 24 hours.

Further, the watchdog has directed the carrier to submit the details of the steps taken to mitigate the inconvenience caused to the passengers booked on flights for May 3 and 4.

The airline also has to submit its plan of action to operate flights as per the approved schedule from May 5.

Go First has filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT).