NCLT Extends Deadline For Go First's Insolvency For Another 60 Days


(MENAFN- Kashmir Observer) New Delhi- The National Company Law Tribunal on Tuesday extended the deadline for another 60 days to complete the resolution process of grounded airline Go First.

A two-member bench of the Delhi-based NCLT admitted the plea filed by the resolution professional (RP) of Go First seeking an extension of the timeline to complete the corporate insolvency resolution process (CIRP).

ADVERTISEMENT

Diwakar Maheshwari, appearing for RP, argued that so far three parties have submitted their expression of interest for Go First and deposited the earnest money.

These firms are expected to submit resolution plans for Go First which has been undergoing CIRP since May 10, 2023.

This is the second such extension granted by the NCLT. The tribunal had on November 23 last year granted an extension of 90 days, which ended on February 4.

Read Also DGCA Clears Resumption of Go First Flights But Sets Terms

The three firms, including budget carrier Spicejet, Sharjah-based Sky One, and African continent-focused firm Safrik Investments, have shown interest in buying Go First.

The Insolvency & Bankruptcy Code (IBC) mandates completion of CIRP within 330 days, which includes the time taken during litigations.

As per Section 12(1) of the Code, CIRP should be completed within 180 days.

However, the maximum time within which CIRP must be mandatorily completed, including any extension or litigation period, is 330 days, failing which the corporate debtor is sent for liquidation.

On May 10, NCLT admitted the plea of Go First to initiate voluntary insolvency resolution proceedings.

Go First stopped flying on May 3.

Follow this link to join our WhatsApp group : Join Now

Be Part of Quality Journalism

Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.

ACT NOW
MONTHLY Rs 100
YEARLY Rs 1000
LIFETIME Rs 10000

CLICK FOR DETAILS

MENAFN13022024000215011059ID1107846341


Kashmir Observer

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.