Law Tribunal Gives 4th Extension Of 60 Days To Go First To Complete Insolvency

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.

The National Company Law Tribunal (NCLT) has granted an extension of 60 days to the grounded air carrier Go First for completing the insolvency process.

This is the fourth extension for Go First to complete the Corporate Insolvency Resolution Process (CIRP), which is struggling to find a buyer.

Earlier, the insolvency tribunal had granted an extension of 60 days on April 8, which ended on June 3, 2024.