NCLT extends Go First insolvency by 60 days

14 Feb 2024 CW Team

The National Company Law Tribunal (NCLT) granted a 60-day extension for the completion of Go First airline's corporate insolvency resolution process (CIRP).

The committee of creditors (CoC) for the budget carrier had instructed the resolution professional (RP) managing the CIRP to request a 60-day extension from the tribunal last month. This decision came as the CoC had received expressions of interest from three potential resolution applicants, accompanied by earnest money.

Go First, facing financial troubles, is indebted to financial creditors with an amount of Rs 65.21 billion. Additionally, the airline owes Rs 26 .60 billion and Rs 12.02 billion to aircraft lessors and vendors, respectively.

This marks the second extension granted to Go First by the NCLT in the past three months. The tribunal justified its decision based on the Supreme Court's ruling in the Essar Steel India case. In that judgment, the top court had invalidated the term "mandatorily" in Section 12 of the Insolvency and Bankruptcy Code (IBC). Section 12 outlines the timeline within which the CIRP initiated under the code should be concluded.

Equipment

12 Dec 2025

Schwing Stetter India Unveils New Innovations at Excon 2025

Schwing Stetter India unveiled more than 20 new machines at Excon 2025, marking one of its most significant showcases and introducing several India-first technologies to the construction equipment sector. The company launched the country’s first 56-metre boom pump designed and manufactured in India, the first fully electric truck mixer, the first CNG mixer variant and the first hybrid boom pump. Executives said the launch portfolio was engineered to support India’s move toward faster, greener and more vertically oriented infrastructure through advanced engineering, clean-energy solutions a..

SEPC Resolves Hindustan Copper Dispute, Wins Rs 725 Mn Order

Engineering, procurement and construction firm SEPC Ltd has recently settled a dispute with Hindustan Copper Ltd (HCL) and secured a mining infrastructure order valued at Rs 725 million from the state-owned company. SEPC informed the stock exchanges that it has executed a settlement deed with HCL, bringing closure to all inter-se claims and counterclaims arising from arbitration proceedings. As part of the settlement, SEPC will receive Rs 304.5 million as full and final payment, marking the resolution of all pending disputes between the two entities. The company also stated that Hindustan Co..

20% Ethanol Blending Cuts India’s CO2 Emissions by 73.6 Mn Tonnes

Union Road Transport and Highways Minister Nitin Gadkari recently said that India has reduced carbon dioxide emissions by 73.6 million metric tonnes due to the adoption of 20 per cent ethanol blending in petrol. He made the statement while replying to supplementary questions during the Question Hour in the Lok Sabha. Describing ethanol as a green fuel, the minister said it plays a key role in reducing pollution while also supporting higher incomes for farmers. He underlined that ethanol blending contributes both to environmental sustainability and rural economic growth. Nitin Gadkari also po..