NCLAT Upholds Liquidation Of Go Airlines, Permits Submission Of Compromise/Arrangement Within 90 Days Of Liquidation Order

The NCLAT upheld the liquidation order for Go Airlines but permitted the submission of a compromise or arrangement within 90 days of the liquidation order. While affirming the initiation of liquidation, the appellate tribunal provided a window for a potential resolution if a viable compromise or arrangement can be formulated and agreed upon within the specified timeframe. This decision acknowledges the challenges faced by the airline while still allowing for a last-ditch effort to avoid complete liquidation. Stakeholders will now have a limited period to explore any feasible revival plans.