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GoFirst insolvency resolution process extended yet again
Updated On: 15 June, 2024 07:15 AM IST | Mumbai | Prasun Choudhari
60 day period is fourth and last extension granted to airline
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The airline has received an extension till August 3. Representation pic
As GoFirst fails to get back in the air within the insolvency time limit, the Corporate Insolvency Resolution Process (CIRP) has been extended for the fourth time. This time, it has been extended till August 3 and this is the final extension. If the airline fails to get a new owner before this date, it will be game over.
On June 12, the National Company Law Tribunal (NCLT) extended the CIRP timeline for GoFirst by 60 days. The previous deadline expired on June 3.
“The NCLT has been informed that the airline has received interest from three more parties. In addition, the current parties have revised their offers after the Delhi High Court order directing DGCA to deregister the aircraft. Hence, the lenders requested an extension of 60 more days. However, the bench has said that this is the final extension. NCLT criticised the Resolution Professional (RP) for repeatedly requesting extensions without showing any concrete progress in the resolution plan. Usually, companies do not receive this much extension, but CIRP aims to revive the airline. Hence, the final extension has been granted. However, this has not been included in the record.’ said an industry source.
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