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 Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..