Twist in Go First insolvency: Busy Bee Airways challenges liquidation

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Subscribe to enjoy similar stories. In an unexpected turn of events in the Go First insolvency case, Busy Bee Airways Private Limited, a previous bidder for the airline, has filed a plea against the National Company Law Tribunal (NCLT).

The plea challenges the NCLT’s decision to reserve its order on the liquidation plea on 18 December. However, the NCLT had already issued its liquidation order for Go First on 20 January (Monday), while the plea by Busy Bee Airways was listed for hearing on Tuesday.

Busy Bee Airways, majority-owned by Nishant Pitti and linked to SpiceJet chairman and managing director Ajay Singh, had previously expressed interest in acquiring the insolvent airline but withdrew its bid after Go First was left without any operational aircraft. The company was incorporated on 19 April 2017 in Delhi with a paid-up capital of ₹1 lakh, according to data from the Ministry of Corporate Affairs.

Also read: Go First's airport slots may be up for grabs for rivals soon Media reports suggest that the consortium of Ajay Singh and Nishant Pitti has recently increased its bid for Go First to approximately ₹1,800 crore, compared to its earlier offer of ₹1,600 crore. The group has also raised its upfront payment proposal to ₹500 crore from ₹290 crore, along with plans to use proceeds from an arbitration case against engine manufacturer Pratt & Whitney to settle debts owed to financial creditors.

This bid was submitted in their personal capacities, while another bid was made by Jaideep Mirchandani-owned Sky One Airways. However, the latter bid was reportedly withdrawn after the Delhi High Court ruling on 26 April, which allowed lessors to repossess all 54 Go First aircraft on lease, leaving the airline without planes and