Bid for bankrupt Go First airlines raised by SpiceJet's Ajay Singh
AVIATION & AIRPORTS

Bid for bankrupt Go First airlines raised by SpiceJet's Ajay Singh

Ajay Singh, Chairman and Managing Director of SpiceJet, has increased the bid for Go First, a bankrupt Indian airline, following pressure from lenders. The consortium, including Singh and Busy Bee Airways, raised the offer by Rs 1-1.5 billion, up from the original bid of Rs 16 billion. Sources, who requested anonymity, revealed this information, as official comments from Go First's resolution professional, Singh, or Busy Bee's majority shareholder Nishant Pitti were not immediately available.

Go First, which filed for bankruptcy last year in May 2023, garnered interest from two bidders in its bankruptcy process, the other being Sharjah-based Sky One Airways. Both bids fell short of creditors' expectations, leading to a request for upward revisions. Go First's outstanding debt amounts to Rs 65.21 billion, owed to several creditors, including the Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank. The Committee of Creditors (CoC) is currently engaged in discussions with Sky One Airways.

The joint bid by Ajay Singh and Busy Bee will be deliberated upon in the upcoming CoC meeting, expected to convene early next week. Lenders are anticipated to provide feedback to the bidders by 28 March as negotiations continue to determine the future of Go First.

Ajay Singh, Chairman and Managing Director of SpiceJet, has increased the bid for Go First, a bankrupt Indian airline, following pressure from lenders. The consortium, including Singh and Busy Bee Airways, raised the offer by Rs 1-1.5 billion, up from the original bid of Rs 16 billion. Sources, who requested anonymity, revealed this information, as official comments from Go First's resolution professional, Singh, or Busy Bee's majority shareholder Nishant Pitti were not immediately available. Go First, which filed for bankruptcy last year in May 2023, garnered interest from two bidders in its bankruptcy process, the other being Sharjah-based Sky One Airways. Both bids fell short of creditors' expectations, leading to a request for upward revisions. Go First's outstanding debt amounts to Rs 65.21 billion, owed to several creditors, including the Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank. The Committee of Creditors (CoC) is currently engaged in discussions with Sky One Airways. The joint bid by Ajay Singh and Busy Bee will be deliberated upon in the upcoming CoC meeting, expected to convene early next week. Lenders are anticipated to provide feedback to the bidders by 28 March as negotiations continue to determine the future of Go First.

Next Story
Infrastructure Energy

GAIL to Set Up Bengaluru CBG Plant Under New Concession Pact

GAIL (India) Limited has signed a 20-year concession agreement with the Bengaluru City Municipal Corporation (BBMP) to set up a compressed biogas (CBG) plant in the city. The project, expected to produce around 10 tonnes of CBG daily, will utilise municipal solid waste as feedstock, contributing to clean energy generation and efficient waste management. The CBG produced will be used in GAIL’s City Gas Distribution network to promote cleaner fuel usage. The initiative aligns with the government’s Sustainable Alternative Towards Affordable Transportation (SATAT) scheme and GAIL’s broader ..

Next Story
Infrastructure Energy

Uttarakhand HC Lifts 31-Year Ban on ONGC’s Contractual Hiring

The Uttarakhand High Court has lifted a 31-year-old ban on the Oil and Natural Gas Corporation (ONGC) from hiring contractual workers, a restriction imposed in 1993. The decision enables ONGC’s Dehradun establishment to employ personnel on a contractual basis to meet operational requirements. The long-standing prohibition had limited ONGC’s ability to fill vacancies in its technical and administrative departments, often leading to project delays and higher dependence on outsourcing. With the court’s directive, the public sector enterprise can now proceed with temporary recruitments whil..

Next Story
Infrastructure Energy

JSW Energy’s Utkal Unit Bags 400 MW, 25-Year Power Supply Deal

JSW Energy Limited announced that its subsidiary, JSW Energy (Utkal) Limited, has secured a Letter of Award (LoA) from Karnataka’s Power Company of Karnataka Limited (PCKL) for the supply of 400 MW of electricity for 25 years. The agreement is part of a competitive bidding process for long-term procurement of power to meet the state’s growing energy demand. The 400 MW capacity will be supplied from JSW Energy’s upcoming thermal power project in Odisha. This development strengthens JSW Energy’s presence in the southern market and aligns with its strategy to enhance long-term contracte..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?