Approach lenders for acquisition of Go First: NCLAT to Busy Bee Airways

The National Company Law Appellate Tribunal (NCLAT) on Friday told Busy Bee Airways, a bidder for Go First, to present its acquisition plan before the airline’s lenders.

 

Busy Bee Airways, backed by travel portal EaseMyTrip’s co-founder and CEO Nishant Pitti, challenged the liquidation of the airline last week. In its plea, Busy Bee said that it could acquire some assets, such as the Directorate General of Civil Aviation (DGCA) licence of Go First.

 

Last year, Pitti-backed Busy Bee Airways and SpiceJet Chairman Ajay Singh made a joint bid for Go First. However, the bid was rejected by the resolution professional for Go First.

 

In a fresh plea, Busy Bee Airways told the appellate tribunal that it should be allowed to submit a revised resolution plan for the bankrupt airline.

 

The National Company Law Tribunal (NCLT) on January 20 ordered the liquidation of low-cost carrier Go First at the request of its Committee of Creditors (CoC), bringing an end to the 20-month insolvency proceedings.

 

Go First filed for voluntary insolvency on May 2, 2023, under Section 10 of the Insolvency and Bankruptcy Code (IBC). The insolvency plea was accepted by the NCLT on May 10, 2023.