Creditors say yes to fresh bids for Go First
Creditors to bankrupt Go First Airlines have unanimously voted to allow fresh proposals from prospective resolution applicants (RAs) to take over the defunct airline, more than a month after receiving no submissions in a process that ended in November.
Five entities have expressed interest in the airline. Three — Sharjah-based aviation company Sky One, Africa-focussed Safrik Investments and budget airline SpiceJet — had submitted expressions of interest (EoIs) last month.
Two more entities — US-based NS Aviation and Plan IT, which is a consortium of individuals — also subsequently expressed interest in submitting proposals, said two people familiar with the process.
«All these applicants will now have to submit a bank guarantee of Rs 5 crore and give a formal EoI to participate in the process,» said one of the persons.
«Creditors think there is no harm in seeing what is on offer, given that there is still time in the process.»
Among the new applicants, SpiceJet is considered a serious contender being a domestic carrier.
CIRP can be extended by two more months
NS Aviation, which announced in June last year that it had acquired an 85% stake in Hyderabad-based defunct budget airline TruJet, has also said it will submit a plan.
Plan IT could not be immediately reached.
«Among the new applicants, Plan IT had also tried in the first round but it did not meet the ₹1,000-crore net worth criteria,» said a second person aware of the process. «This time it plans to get a European investor to meet the criteria.
