Russian provincial operator Mordovia Air has ceased all services after the regulator annuled its license.
Rosaviatsia revoked the carrier's air operator's certificate (AOC) after complaining about lack of progress in meeting safety requirements within a term set by inspectors.
This followed an incident at Saransk airport on 8 January, when a Mordovia Air Antonov An-24RV turboprop skidded off the runway as a result of pilot's error.
In a statement, Rosaviatsia indicates that the accident came close to resulting in "more serious consequences".
Mordovia Air has three An-24s and a single An-26 freighter. Under a plan proposed last year, it had been due to merge with Tatarstan Air and Ak Bars Aero.