Ajay Singh, the promoter of SpiceJet, along with Sharjah-based aviation company Sky One and the relatively unknown entity Busy Bee, have successfully submitted the required Rs 50 million bank guarantee and a formal expression of interest (EoI) for the financially troubled Go First Airlines, as per sources familiar with the proceedings. These entities will now undergo a period of due diligence on Go First Airlines. Additionally, there are indications that the lenders may propose an extension of the resolution process by an additional two months, extending beyond the current deadline of February 4, according to the same sources. In his individual capacity, Singh has applied, while Busy Bee, a newcomer, has applied in collaboration with individuals associated with the previous applicant, Plan IT. All of them have met the criteria by submitting the necessary bank guarantee, stated one of the informed sources. Plan IT had initially applied during the October bidding process but failed to meet the Rs 5 billion net worth criterion. This time, individuals associated with Plan IT have partnered with Busy Bee, successfully making the cut. Meanwhile, Safrik Investments, focused on Africa, and NS Aviation, based in the United States, have not submitted guarantees despite expressing interest last month. The three entities that have submitted the necessary documentation will now have access to more information and data on Go First to formulate a formal plan, according to another source familiar with the process. It is anticipated that the resolution professional (RP), Shailendra Ajmera, may call for a fresh voting by creditors as early as Thursday, potentially extending the resolution timeline by an additional 60 days, pushing the corporate insolvency resolution process (CIRP) to 330 days beyond the current February 4 deadline. Ajmera did not respond to an email seeking comment. Go First Airlines currently owes creditors an amount exceeding Rs 62 billion. Secured creditors include Central Bank of India, Bank of Baroda, and IDBI, with admitted claims of Rs 19.34 billion, Rs 17.44 billion, and Rs 750 million, respectively. Lenders are optimistic for more substantial bids in this round after the disappointment of the initial bidding process in October. During that round, Naveen Jindal, the promoter of Jindal Steel and Power, was the sole preliminary inquiry that progressed to a bidder for the airline, but it did not materialise into a final bid. Simultaneously, lenders are pursuing arbitration proceedings in Singapore against engine maker Pratt & Whitney (P&W). This follows the process initiated by Go First's previous management, seeking over $1 billion from P&W, alleging the supply of faulty engines that were not replaced on time, resulting in the grounding of half the airline's fleet and contributing to its financial distress.