NCLT extends Go First's resolution deadline, asks to file reply in 3 weeks

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NCLT extends Go First's resolution deadline, asks to file reply in 3 weeks - Business Standard

Quick Summary:

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.

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.

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.