The National Company Law Tribunal (NCLT) on Thursday extended the moratorium for the Wadia-owned airline Go First airline under the Corporate Insolvency Resolution Process by another 90 days.
The NCLT directed that the resolution plan be completed within the stipulated time period which ends on February 4, 2024.
Failure to complete the resolution process in this 90-day period will lead to the tribunal ordering liquidation of the company.
The verdict comes as a victory for the grounded airline as the arguments of the aircraft lessor were dismissed in the case.
Go First's Resolution Professional informed the tribunal that there is one prospective bidder for the airline.
He also said that the Committee of Creditors (CoC) is now reconsidering the next course of action for the carrier.