NEW DELHI: The fate of Go First, which stopped flying on May 3, 2023, may be known within the next two months. The National Company Law Tribunal (NCLT) on Monday extended the erstwhile Wadia Group airline’s corporate insolvency resolution process (CIRP) by another 60 days. The maximum 330-day period (with extensions) within which CIRP has to be concluded under India’s insolvency law was over for Go First but the NCLT gave it further extension under exceptional circumstances and in stakeholder interest as two bids are being considered by the committee of creditors (CoC).
The resolution professional had sought another extension, with the request being approved by the CoC comprising of Central Bank of India, Bank of Baroda, and IDBI Bank, as two resolution plans are being finalised.
The resolution professional had sought another extension, with the request being approved by the CoC comprising of Central Bank of India, Bank of Baroda, and IDBI Bank, as two resolution plans are being finalised.