NCLT gives 90 days extension to Go First

The National Company Law Tribunal (NCLT) on Thursday extended the moratorium period for Go First airline by an additional 90 days till February 4 under the insolvency resolution process and wants the process to be completed within this period.

- Krishna Yadav

The tribunal noted that failure to complete the corporate insolvency resolution process (CIRP) process within the extended period might force initiation of a liquidation process. The Resolution Professional (RP) for Go First has been instructed by the NCLT to present a comprehensive plan of action to revive the airline within this timeframe.

This extension, applicable from November 6 to February 4, will bring relief for Go First, whicl grappling with legal challenges from lessors and complications arising from the government's notification allowing lessors to reclaim aircraft and engines during the imposed moratorium.