<p>New Delhi: The National Company Law Tribunal on Tuesday extended the deadline for another 60 days to complete the resolution process of grounded airline Go First.</p>.<p>A two-member bench of the Delhi-based NCLT admitted the plea filed by the resolution professional (RP) of Go First seeking an extension of the timeline to complete the corporate insolvency resolution process (CIRP).</p>.<p>Diwakar Maheshwari, appearing for RP, argued that so far three parties have submitted their expression of interest for Go First and deposited the earnest money.</p>.<p>These firms are expected to submit resolution plans for Go First which has been undergoing CIRP since May 10, 2023.</p>.Go First's lenders to seek extension of insolvency process by 60 days - sources.<p>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.</p>.<p>The three firms, including budget carrier Spicejet, Sharjah-based Sky One, and African continent-focused firm Safrik Investments, have shown interest in buying Go First.</p>.<p>The Insolvency & Bankruptcy Code (IBC) mandates completion of CIRP within 330 days, which includes the time taken during litigations.</p>.<p>As per Section 12(1) of the Code, CIRP should be completed within 180 days.</p>.<p>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.</p>.<p>On May 10, NCLT admitted the plea of Go First to initiate voluntary insolvency resolution proceedings.</p>.<p>Go First stopped flying on May 3.</p>
<p>New Delhi: The National Company Law Tribunal on Tuesday extended the deadline for another 60 days to complete the resolution process of grounded airline Go First.</p>.<p>A two-member bench of the Delhi-based NCLT admitted the plea filed by the resolution professional (RP) of Go First seeking an extension of the timeline to complete the corporate insolvency resolution process (CIRP).</p>.<p>Diwakar Maheshwari, appearing for RP, argued that so far three parties have submitted their expression of interest for Go First and deposited the earnest money.</p>.<p>These firms are expected to submit resolution plans for Go First which has been undergoing CIRP since May 10, 2023.</p>.Go First's lenders to seek extension of insolvency process by 60 days - sources.<p>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.</p>.<p>The three firms, including budget carrier Spicejet, Sharjah-based Sky One, and African continent-focused firm Safrik Investments, have shown interest in buying Go First.</p>.<p>The Insolvency & Bankruptcy Code (IBC) mandates completion of CIRP within 330 days, which includes the time taken during litigations.</p>.<p>As per Section 12(1) of the Code, CIRP should be completed within 180 days.</p>.<p>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.</p>.<p>On May 10, NCLT admitted the plea of Go First to initiate voluntary insolvency resolution proceedings.</p>.<p>Go First stopped flying on May 3.</p>