Go First gets ₹7K cr joint bid from Ajay Singh, Busy Bee

SpiceJet boss Ajay Singh and Busy Bee Aviation have submitted a joint ₹7,000 crore rescue plan for bankrupt airline Go First, two people aware of the development said.

- Anu Sharma

Go First's committee of creditors (CoC) on Friday discussed this bid, as well as a rival bid from Sky One, the people cited above said on condition of anonymity.

"The joint bid by Singh is higher than the other party (Sky One). The committee of creditors will announce their decision in 15 days after further discussion and assessment," one of two people said. Sky One's bid amount could not be ascertained.

The Go First rescue attempt received a fresh lease of life last week after receiving two bids.

The carrier, which has been grounded since May 2023, has been undergoing an insolvency process since then. SpiceJet chairman and managing director Singh submitted his bid jointly with Busy Bee Aviation. Nishant Pitti, co-founder of online travel platform EaseMyTrip, has a 51% stake in Busy Bee Aviation, while the remaining 49% stake is held by local investors.