In talks with Go First lenders to rescue airline: Busy Bee Airways to NCLAT

EaseMyTrip co-founder Nishant Pitti-backed Busy Bee Airways told the Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) that it is in discussions with Go First's lenders to submit its bid to rescue the airline. The appellate tribunal is hearing a plea by Busy Bee Airways challenging the liquidation of bankrupt Go First.

 

Busy Bee told the appellate tribunal that it has met with the lenders and plans to meet them again this week. It also said that it has shared an updated proposal with the lenders. Although the NCLAT did not pass any order, it deferred the case for hearing on February 19.

 

Last year, Pitti-backed Busy Bee Airways and SpiceJet chairman Ajay Singh made a joint bid for Go First. The bid, however, 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), thus 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.