Team Blitz India
NEW DELHI: The National Company Law Tribunal on November 23 allowed bankrupt airline Go First’s resolution professional’s appeal to extend the timeline by 90 days till February 4, 2024. The Committee of Creditors passed a resolution on October 17 to extend the resolution process by 90 days. The six months ended on November 6.
Earlier this month, lenders had approved the extension.
“The extension was necessary given the current situation. Also, the lone bidder, Naveen Jindal, has to be given at least one month to do due diligence from October 22 when he was declared a legitimate bidder. All these factors have pushed back the resolution process deadline by three months,” a person familiar with the situation told ET.
Meanwhile, Jindal Power decided to scrap its bid for the grounded carrier. It was the only preliminary inquiry to make the cut as a bidder for Go First. Two other likely bidders could not meet the financial parameters set by lenders, ET had reported earlier in November.
