After receiving a request from the Committee of Creditors, NCLT ordered Go First Airways to be liquidated. Judicial and technical members oversaw the decision. The deregistration and liquidation of the fleet were completed by 2024, despite legal opposition from lessors and a clarifying exemption from the Ministry of Corporate Affairs.

Following a request from the airline's Committee of Creditors (CoC), the National Company Law Tribunal (NCLT) ordered Go First Airways to be liquidated, according to a story published on Monday by Bar and Bench.

"Liquidation is ordered," the NCLT panel, which is composed of Technical Member Dr. Sanjeev Ranjan and Judicial Member Mahendra Khandelwal, confirmed the ruling.

In accordance with Section 10 of the Insolvency and Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), Go First voluntarily submitted an application on May 2, 2023, to be admitted to the Corporate Insolvency Resolution Process (CIRP). On May 10, the NCLT accepted the plea and designated a Resolution Professional (RP) to oversee the airline's activities. After this, the lessors of the airline filed an appeal with the National Company Law Appellate Tribunal (NCLAT), contesting the moratorium that barred them from recovering assets, even though the leases had been terminated prior to the start of the proceedings. On May 22, 2023, the NCLAT affirmed the NCLT's decision and instructed lessors to inquire about the moratorium.