Thailand's PC Air has suspended its operations after the country's department of civil aviation (DCA) decided not to renew its licence to operate charter flights.
It is not certain when the licence will be reinstated, says the DCA's director-general Voradej Harnprasert.
This comes as the agency investigates an incident on 17 October, where 400 tourists were stranded in South Korea after the airline's ground services agent failed to pay fuel and airport charges.
This is believed to amount to around $300,000, he adds.
Harnprasert adds that the airline's air operator's certificate had not been suspended and that the airline voluntarily grounded its operations.
PC Air's website shows that it uses one Airbus A310-200 on routes from Bangkok Suvarnabhumi to Hong Kong and Seoul Incheon.