Go First gets 60 days extension to complete insolvency process

The National Company Law Tribunal (NCLT) has granted Go First, the grounded air carrier, a fourth 60-day extension to complete its Corporate Insolvency Resolution Process (CIRP). The latest extension, ending on August 3, 2024, comes amidst challenges in finding a buyer, exacerbated by the Delhi High Court's directive to deregister all 54 of Go First's aircraft.

The tribunal emphasized this as the final extension, expressing displeasure at the Resolution Professional's request. Go First halted operations on May 3 and initiated insolvency proceedings on May 10, 2023. The Insolvency & Bankruptcy Code mandates completing CIRP within 330 days, inclusive of litigation periods.