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

12 Mar 2026

Kavach 4.0 Commissioned on Delhi–Mumbai and Delhi–Howrah

"Kavach version four has been commissioned on 1,452 route km, covering the high density Delhi–Mumbai and Delhi–Howrah corridors. The rollout included laying 8,570 km of optical fibre, installation of 1,100 telecom towers, deployment of trackside equipment over 6,776 RKm and establishment of 767 station data centres. Trackside implementation has been taken up on 24,427 RKm covering Golden Quadrilateral, Golden Diagonal and High Density Network sections. The programme aims to strengthen signalling and train protection on key routes.Kavach is an indigenously developed automatic train protecti..

Railways Advance Kalyan–Murbad Line And Mumbai Capacity Expansion

"Indian Railways is advancing multiple rail infrastructure projects in Maharashtra, including the sanctioned Kalyan–Murbad new line and sizable investments under the Mumbai Urban Transport Project and the Mumbai–Ahmedabad High Speed Rail project. The Kalyan–Murbad 28 km new line has been sanctioned at Rs 8.36 billion (bn) on a 50:50 cost-sharing basis with the Government of Maharashtra and has been declared a Special Railway Project for land acquisition; proposals covering 214 hectares are at various stages of acquisition. Budgetary outlay for projects falling fully or partly in Maharash..

Parliamentary Panel Flags Funding Gaps in Heavy Industries

"The Department-Related Parliamentary Standing Committee on Industry (Rajya Sabha) presented its 332nd report on the Demands for Grants 2026-27 of the Ministry of Heavy Industries (MHI). Figures converted from crore and lakh are expressed in million (mn). The Budget Estimates 2026-27 for the Ministry stand at Rs 79,399 mn against a projected requirement of Rs 94,843.2 mn, a shortfall of about 16 per cent, with revenue at Rs 79,370.8 mn and capital compressed to Rs 28.2 mn from Rs 5,020 mn.The committee flagged recurring BE-to-RE compression and declining revised estimate utilisation, and calle..