The National Company Law Tribunal (NCLT) on Monday granted another 60-day extension to Go First to complete its insolvency process.
The recent extension by the NCLT was based on a Supreme Court judgement in the Essar Steel case, which allows extensions under exceptional circumstances.
This is the third extension sought by Go First. The NCLT had, on November 23, 2023, extended the insolvency process of the grounded airline Go First by 90 days.
The extension started on November 6, 2023, and ended on February 4, 2024. Then, Go First had sought an extension from February 4 to April 4, 2024.
According to Section 12(1) of the Insolvency and Bankruptcy Code (IBC), the insolvency process should be completed within 180 days, or within the exten…
Read the full article at: https://www.business-standard.com/companies/news/go-first-insolvency-resolution-gets-a-60-day-extension-from-nclt-124040800885_1.html