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These firms are expected to submit resolution plans for Go First which has been undergoing CIRP since May 10, 2023.
This is the second such extension granted by the NCLT. The tribunal had on November 23 last year granted an extension of 90 days, which ended on February 4.
The three firms, including budget carrier Spicejet, Sharjah-based
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.
However, the maximum time within which CIRP must be mandatorily completed, including any extension or litigation period, is 330 days, failing which the corporate debtor is sent for liquidation.
On May 10, NCLT admitted the plea of Go First to initiate voluntary insolvency resolution proceedings.
Go First stopped flying on May 3.
