Go First Gets Another 60 Days To Complete Insolvency Process
The National Company Law Tribunal granted Go First on Monday another extension of 60 days to complete its insolvency process.
The recent extension by the NCLT was based on a Supreme Court judgment in the Essar Steel case, allowing extensions under exceptional circumstances.
The resolution professional cited this judgment, saying that resolution plans were under consideration and nearing conclusion, justifying the extension. The NCLT agreed and granted the extension despite opposition from lessors.
The Insolvency and Bankruptcy Code mandates the completion of insolvency proceedings within 180 days, extendable to 270 days. However, it must be concluded within 330 days, including all extensions and legal proceedings.
Despite the airline's financial challenges, it has received all legally mandated extensions. On Nov. 6, the NCLT approved a 90-day extension with a deadline of Feb. 4. However, due to evolving circumstances and interest from potential bidders, the tribunal extended the insolvency process by an additional 60 days, concluding on April 5.
Potential bidders, including Safrik and Sky One, have expressed interest in acquiring Go First during the insolvency proceedings, with SpiceJet Ltd. also showing interest as an alternative bidder.
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