New Delhi: The National Company Law Tribunal (NCLT) on Thursday granted Go First airline a 90-day extension for its Corporate Insolvency Resolution Process (CIRP), now effective from 6 November to 4 February, as the bankrupt carrier seeks to revive its operations.
The tribunal has asked the resolution professional (RP) overseeing Go First’s insolvency to submit a 90-day action plan.
The grounded airline’s Committee of Creditors, with significant stakes held by Bank of Baroda, Central Bank of India, and IDBI Bank, unanimously supported the CIRP extension.
The move offers temporary respite for Go First, battling by legal tussles with aircraft lessors, and complications arising from government decrees impacting asset reclamation du…
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