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

17 Sep 2025

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..