NCLT Orders Go First to Submit Liquidation Response Within Three Weeks

The National Company Law Tribunal (NCLT) has directed the suspended board of Go First to respond within three weeks regarding the airline's liquidation. The instruction follows the Board's failure to find a viable buyer after months of negotiations. The tribunal has slated October 4 for the next hearing.

The National Company Law Tribunal (NCLT) has instructed the suspended board of bankrupt airline Go First to submit a reply within the next three weeks concerning its liquidation status. This directive comes after several failed attempts to locate a suitable buyer for the debt-ridden company.

A two-member bench of the NCLT, which convened in Delhi, issued the notice during a hearing on the application seeking the airline's liquidation. The tribunal has scheduled October 4 for further proceedings in the case.

The order follows the resolution professional's application under section 33 (1) of the Insolvency & Bankruptcy Code, citing the lenders' inability to secure a buyer within the given timeframe. Despite negotiations with entities like EaseMyTrip CEO Nishant Pitti, SpiceJet Chairman Ajay Singh, and Sharjah-based Sky One Aviation, no agreements were reached.

(With inputs from agencies.)