NCLT grants 60-Day extension to Go First's insolvency

16 Feb 2024 CW Team

The National Company Law Tribunal (NCLT) granted a 60-day extension to the insolvency proceedings of the grounded airline Go First. The resolution professional (RP) informed the tribunal about three interested parties in acquiring the airline, despite objections from some lessors.

Advocate Diwakar Maheshwari, representing the RP, highlighted that all three potential buyers had submitted expressions of interest (EoIs) along with earnest money deposits. The committee of creditors (CoC), comprising lenders overseeing the insolvency process, voted overwhelmingly in favour of the extension.

The CoC, responsible for decision-making in the insolvency of Go First, is set to receive resolution plans from the three interested parties by February 15. Spicejet, Sky One Company based in Sharjah, and Safrik Investments focused on Africa have previously expressed interest in acquiring Go First.

This marks the airline's second extension, following the initial 90-day extension granted by the NCLT on November 23, 2023. The previous extension period, from November 6, 2023, to February 4, 2024, has prompted Go First to seek an additional extension until April 4, 2024.

Under the Insolvency and Bankruptcy Code (IBC), the prescribed timeline for completing insolvency proceedings is 180 days, extendable by an additional 90 days. The mandatory completion deadline, inclusive of any extensions and legal proceedings, is 330 days. Upon exceeding this timeframe, liquidation proceedings commence.

The consortium of lenders for Go First includes Bank of Baroda, Central Bank of India, and IDBI Bank. The airline voluntarily filed for insolvency on May 2, and its plea was admitted by the NCLT on May 10 under Section 10 of the IBC.

Infrastructure Transport

06 Feb 2026

Lucknow Metro East-West Corridor Consultancy Contract Awarded

The Uttar Pradesh Metro Rail Corporation has awarded the first construction-related consultancy contract for the Lucknow Metro East West Corridor to a joint venture of AYESA Ingenieria Arquitectura SAU and AYESA India Pvt Ltd. The firm was declared the lowest bidder for the Detailed Design Consultant contract for Lucknow Metro Line-2 under Phase 1B and the contract was recommended following the financial bid. The contract is valued at Rs 159.0 million (mn), covering design services for the corridor. Lucknow Metro Line-2 envisages the construction of an 11.165 kilometre corridor connecting Cha..

Div Com Kashmir Urges Fast Tracking Of Jhelum Water Transport Project

The Divisional Commissioner of Kashmir has called for the fast-tracking of the Jhelum water transport project, urging district administrations and relevant agencies to accelerate planning and clearances. In a meeting convened at the divisional headquarters, the commissioner instructed officials from irrigation, public health engineering and municipal departments to prioritise the project and coordinate survey and design work. The directive emphasised removal of administrative bottlenecks and close monitoring to ensure timely mobilisation of resources and contractors. Officials were told to in..

Interarch Reports Strong Q3 And Nine Month Results

Interarch Building Solutions Limited reported unaudited results for the third quarter and nine months ended 31 December 2025, recording strong revenue growth driven by execution and a robust order book. Net revenue for the third quarter rose by 43.7 per cent to Rs 5.225 billion (bn), compared with Rs 3.636 bn a year earlier, reflecting heightened demand in pre-engineered building projects. The company’s total order book as at 31 January 2026 stood at Rs 16.85 bn, supporting near-term visibility. EBITDA excluding other income for the quarter increased by 43.2 per cent to Rs 503 million (mn),..