Team Blitz India
NEW DELHI: In an attempt to revive bankrupt airline Go First, the National Company Law Tribunal (NCLT) on April 8 approved another 60-day extension for its moratorium, aiming to give the airline additional time to finalize its corporate insolvency resolution process (CIRP).
The extension will be effective 4 April to 3 June, and has been allowed keeping in mind the interest of stakeholders, as per the NCLT.
India’s insolvency laws mandate completion of a corporate resolution process in 180 days, extendable by another 90 days. However, it must be completed in no more than 330 days in total.
A previous extension, from 4 February to 4 April, exhausted the 330-day deadline to complete the resolution process.
