Busy Bee Airways challenges liquidation of Go First in NCLAT
2 months ago

Busy Bee Airways challenges liquidation of Go First in NCLAT

Live Mint  

Busy Bee Airways Pvt Ltd, one of the bidders for the grounded airline Go First, has approached the National Company Law Appellate Tribunal to challenge the airline's liquidation. On 21 January, Busy Bee Airways informed the NCLT of its decision to contest the liquidation, saying it intended to submit a resolution plan to take over the airline. Majority-owned by Nishant Pitti and linked to SpiceJet chairman and managing director Ajay Singh, Busy Bee Airways had previously expressed interest in acquiring Go First but withdrew its bid when the airline was left without any operational aircraft. Founded in Delhi on 19 April 2017, with a paid-up capital of ₹1 lakh, Busy Bee Airways had earlier proposed a bid of ₹1,800 crore, up from ₹1,600 crore, for the troubled airline.

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History of this topic

Busy Bee Airways to reach out to Go First lenders
1 month, 3 weeks ago

Busy Bee Airways to reach out to Go First lenders

New Indian Express  

NEW DELHI: Busy Bee Airways on Friday informed the insolvency appellate tribunal NCLAT that it will try to reach out to the lenders of Go First. Travel portal EaseMyTrip’s co-founder Nishant Pitti is the majority shareholder in Busy Bee Airways. During the insolvency resolution process, Busy Bee Airways, along with SpiceJet chief Ajay Singh, and Sharjah-based aviation entity Sky One …

Go First acquisition: NCLAT asks Busy Bee Airways to negotiate deal with lenders
1 month, 3 weeks ago

Go First acquisition: NCLAT asks Busy Bee Airways to negotiate deal with lenders

Live Mint  

The National Company Law Appellate Tribunal has asked Busy Bee Airways, a bidder for bankrupt airline Go First, to approach the airline’s lenders and negotiate a deal to acquire the airline as a going concern. Busy Bee Airways, backed by EaseMyTrip’s Nishant Pitti, had challenged a liquidation order issued by the National Company Law Tribunal in the NCLAT on 20 …

NCLT New Delhi Orders Liquidation Of Go Airlines (India) Limited
2 months ago

NCLT New Delhi Orders Liquidation Of Go Airlines (India) Limited

Live Law  

The National Company Law Tribunal, New Delhi bench of Justice Mahendra Khandelwal and Dr. Sanjeev Ranjan has ordered the liquidation of Go First Airlines, marking the conclusion of a 20-month-long insolvency process after no viable resolution plan emerged. The Tribunal stated the CoC in the legislative scheme is empowered to make the decision to liquidate the corporate debtor, at any …

Go First case: Former bidder Busy Bee Airways withdraws plea against liquidation
2 months ago

Go First case: Former bidder Busy Bee Airways withdraws plea against liquidation

Live Mint  

New Delhi: Busy Bee Airways Pvt. Ltd, former bidder for bankrupt airline Go First, on Tuesday withdrew its plea challenging the 18 December decision of the National Company Law Tribunal reserving the liquidation order. In its plea, Busy Bee Airways also sought updated and comprehensive details about Go First, as requested in emails dated 6 May 2024, 27 May 2024, …

NCLT orders Go First liquidation
2 months ago

NCLT orders Go First liquidation

The Hindu  

The National Company Law Tribunal on Monday ordered the liquidation of budget air carrier Go First Airways two years after it shut flight operations and approached the court seeking voluntary insolvency. A bench of NCLT comprising Judicial Member Mahendra Khandelwal and Technical Member Dr. Sanjeev Ranjan allowed an application for liquidation filed by the Committee of Creditors of Go First. …

NCLT orders liquidation of Go First, ending 20-month insolvency saga
2 months ago

NCLT orders liquidation of Go First, ending 20-month insolvency saga

Live Mint  

The National Company Law Tribunal has ordered the liquidation of Go First, marking the end of 20 months of insolvency proceedings for the struggling budget airline. Go First, which filed for bankruptcy in May 2023, had a 6.9% market share in India’s aviation sector at the time. Financial woes and consumer protection concerns Go First’s financial troubles had begun when …

NCLT orders liquidation of Go First airline
2 months ago

NCLT orders liquidation of Go First airline

The Hindu  

The National Company Law Tribunal has ordered the liquidation of Go First Airways after a request from the cash-strapped airline's lenders. In August, Go First's lenders had decided to liquidate the company's assets after rejecting bids by interested suitors to revive the bankrupt airline, Reuters had reported, citing sources. Go First had filed for bankruptcy in May last year and …

SpiceJet along with Busy Bee Airways submit bid for bankrupt Go First
1 year, 1 month ago

SpiceJet along with Busy Bee Airways submit bid for bankrupt Go First

New Indian Express  

NEW DELHI: SpiceJet chief Ajay Singh, along with Busy Bee Airways, have submitted a bid for bankrupt Go First. In a release on Friday, SpiceJet said the bid has been submitted by Singh in his personal capacity, along with Busy Bee Airways Pvt Ltd. "SpiceJet's role as the operating partner for the new airline involves providing essential staff, services, and …

SpiceJet to submit offer to Go First after due diligence to create an ‘airline in collaboration’
1 year, 3 months ago

SpiceJet to submit offer to Go First after due diligence to create an ‘airline in collaboration’

Firstpost  

The news, which pushed up SpiceJet shares by more than 7%, came after Go First’s lenders began contemplating the airline’s liquidation after they did not get any bids for it within the late November deadline Budget carrier SpiceJet said on Tuesday that it will submit an offer with the resolution professional of Go First after due diligence to “create an …

Go Airlines| NCLT Delhi Permits Go Airlines To Resume Operations
1 year, 7 months ago

Go Airlines| NCLT Delhi Permits Go Airlines To Resume Operations

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Mahendra Khandelwal and Shri Rahul Bhatnagar, while adjudicating a petition filed by Go Airlines Limited, has permitted Go Airlines to operate the leased aircrafts in order to maintain the company’s status as a going concern. Accordingly, the Lessors filed an application under Section 60 of IBC before the NCLT …

Go First gets claims worth ₹23,777 crore from creditors
1 year, 8 months ago

Go First gets claims worth ₹23,777 crore from creditors

Live Mint  

Go Airlines Ltd has received claims totaling ₹23,777 crore from both operational and financial creditors as part of its ongoing insolvency process, according to two banking sources who spoke to Reuters. The resolution professional overseeing Go Airlines is yet to authenticate the validity of the claims and did not promptly respond to a request for comment from Reuters via email. …

Go First bankruptcy | Crisis in the skies
1 year, 10 months ago

Go First bankruptcy | Crisis in the skies

India Today  

The May 2 decision of Go First, India’s third-largest carrier, to suspend flights for two days—later extended till May 19—caught fliers, the aviation regulator and the Centre totally off guard. The company has cited the long delays in sourcing airworthy engines from the US aerospace major Pratt & Whitney as the reason behind the decision to go for insolvency, but …

Go First moves NCLT, says total dues to creditors at over ₹11k crore
1 year, 10 months ago

Go First moves NCLT, says total dues to creditors at over ₹11k crore

The Hindu  

Go First approached the National Company Law Tribunal on Wednesday and sought the admission of its insolvency plea. According to Reuters, the airline in its petition before the court said that its total liabilities to all creditors stood at ₹11,463 crore, which includes dues to banks, financial institutions, vendors and aircraft lessors. The petition lists Central Bank of India Ltd., …

State-run banks want Jet Airways chairman Naresh Goyal to reduce stake in carrier to 10%: Report
6 years ago

State-run banks want Jet Airways chairman Naresh Goyal to reduce stake in carrier to 10%: Report

Firstpost  

Jet Airways has more than $1 billion in debt, and owes money to banks, suppliers, pilots and lessors—some of whom have started terminating leases with the carrier Mumbai: A group of state-run banks want Jet Airways’ embattled founder and Chairman Naresh Goyal to reduce his stake in the carrier to 10 percent, news channel CNBC-TV18 reported on Thursday, quoting sources. …

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