Corporate dispute tribunal NCLT has extended the insolvency resolution deadline for grounded airline Go First for the fourth time and directed the suspended board of the debt-ridden firm to file a reply within three weeks.
A two-member bench of the Delhi-based National Company Law Tribunal (NCLT) issued notice to the suspended management of the company on Tuesday and listed the matter for hearing in the first week of October.
The resolution professional of Go First had moved the application under section 33 (1) of the Insolvency & Bankruptcy Code for the liquidation of Go First after the lenders failed to find a reasonable buyer within the stipulated time frame.
During the proceedings, counsel appearing for Go First informed the NCLT that the Committee of Creditors decided to liquidate the company with a majority vote.
This was the fourth extension for Go First to complete the Corporate Insolvency Resolution Process (CIRP), as the airline has been struggling to find a buyer.
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