Insolvency tribunal NCLT on Monday once again extended the deadline to complete the resolution process of grounded airline Go First by another 60 days.
This is the third extension given to Go First by the National Company Law Tribunal (NCLT) from April 4 to June 3.
A two-member bench of the Delhi-based NCLT admitted the request by the resolution professional (RP) of Go First, seeking an extension of the timeline to complete the corporate insolvency resolution process (CIRP).
On February 13, the NCLT extended the deadline to complete CIRP to April 4. This was after the tribunal on November 23 last year granted an extension of 90 days, which ended on February 4.
The Insolvency & Bankruptcy Code (IBC) mandates completion of CIRP within 330 days, which includes the time taken during litigations.
As per Section 12(1) of the Code, CIRP should be completed within 180 days.
However, the maximum time within which CIRP must be mandatorily completed, including any extension or litigation period, is 330 days, failing which a corporate debtor is sent for liquidation.
On May 10, 2023, the NCLT admitted the plea of Go First -- which stopped operating flights on May 3 -- to initiate voluntary insolvency resolution proceedings.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
Law Tribunal Gives 4th Extension Of 60 Days To Go First To Complete Insolvency Deregistered Go First Planes To Take Longer To Leave India. Here's Why Go First Approaches Tribunal For Refund Of Cancelled Tickets Russia's Firing Of ICBM On Ukraine Is Weapon's 1st Combat Use In History Amazon Employee Greets Friend At Wedding, Dies Of Cardiac Arrest This Asian City Is Emerging As Sex Tourism Hub. It's Not Where You Think Brazil Police Call Ex-President Bolsonaro's Indictment Over 2022 "Coup" Plot World Leaders Split As ICC Issues Arrest Warrant For Netanyahu Famous Iceland Geothermal Spa Covered In Lava Post Volcanic Eruption Track Latest News Live on NDTV.com and get news updates from India and around the world.