Deadline for Go First Airline’s insolvency process extended for the third time
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ANI
NCLT on Monday extended the deadline to complete the debt resolution process of closed airline Go First by 60 days. A two-member Delhi-based bench of the tribunal accepted the request of the company’s resolution professional seeking extension of the deadline to complete the corporate insolvency resolution process.
New Delhi. The National Company Law Tribunal (NCLT) on Monday extended by 60 days the deadline to complete the debt resolution process of defunct airline Go First. NCLT has extended the deadline for the insolvency process of Go First for the third time. In the new round, extension has been given from April 4 to June 3. A two-member Delhi-based bench of the tribunal accepted the request of the company’s resolution professional (RP) seeking extension of the deadline to complete the corporate insolvency resolution process (CIRP).
Earlier, on February 13, NCLT had extended the deadline till April 4. Before that, on November 23 last year also, the tribunal had given an extension of 90 days. Under the Insolvency and Bankruptcy Code (IBC), the debt resolution process has to be completed within 330 days. Failing this, the debtor company is sent for liquidation. NCLT had accepted Go First’s plea to initiate voluntary insolvency resolution proceedings in May, 2023. The airline had stopped operating flights on May 3, 2023, citing financial crisis.
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