TBM Staff - Mumbai
The future of Go First, which ceased operations on May 3, 2023, may soon be determined within the next two months. The National Company Law Tribunal (NCLT) granted an additional 60-day extension to the former Wadia Group airline’s corporate insolvency resolution process (CIRP) on Monday. While the maximum 330-day period (with extensions) stipulated by India’s insolvency law for concluding CIRP had elapsed for Go First, the NCLT extended it further under extraordinary circumstances and in the interest of stakeholders.
This extension was granted as the committee of creditors (CoC) is currently evaluating two bids.
The resolution professional had requested another extension, which was approved by the CoC consisting of Central Bank of India, Bank of Baroda, and IDBI Bank, as they are in the process of finalising two resolution plans.
