Go First got 60 days additional time in this matter, relief from NCLT
The National Company Law Tribunal (NCLT) has given 60 days additional time to the defunct airline company Go First to complete the insolvency process. This is the fourth extension given to Go First to complete the Corporate Insolvency Resolution Process (CIRP). According to language news, the company is struggling to find a buyer. Earlier, the bankruptcy tribunal had given an extension of 60 days on April 8, which ended on June 3, 2024.
Extension till 3rd August 2024
According to the news, Go First has now been given time till August 3, 2024. Giving extension, the Delhi-based NCLT bench said that this is the last extension. The two-member bench also strongly reprimanded the resolution professional for seeking extension. The counsel appearing for the ‘Resolution Professional’ (RP) informed the tribunal that they were seeking this extension due to the extraordinary situation arising out of the Delhi High Court judgment directing DGCA to cancel the registration of all 54 of its aircraft. Was asked to do.
It is mandatory to complete CIRP within 330 days.
According to RP, those who have shown interest in buying the airline have revised their offers and lenders are yet to consider them. Therefore an extension of 60 days is necessary. As per the Insolvency and Bankruptcy Code (IBC), it is mandatory to complete CIRP within 330 days.
This also includes the time taken during litigation. As per Section 12(1) of the Code, CIRP should be completed within 180 days. Go First had stopped operating flights on May 3 last year. The airline company has not got any success till now after waiting for a buyer for a long time.
