Last week the National Company Law Tribunal (NCLT) granted a 60-day extension to the grounded airline Go First to complete its insolvency process. It was the fourth time it was doing so. In this issue of DH Deciphers, Abhilash Reddy, unpacks why the matter is dragging and how it got here.
How long has the Go First insolvency process been going on?
NCLT admitted Go First’s insolvency plea last year on May 10. But more than a year later, the case is still nowhere near resolution. The airline was granted its first extension on November 23, when the 180-day timeline for completing the Corporate Insolvency Resolution Process (CIRP) expired. The second extension happened on February 13 this year when April 4 was set as the deadline. The third…
