New Delhi, Feb 16 2024-
Sky One, an aviation company headquartered in Sharjah — besides Chairman and Managing Director of SpiceJet, and Busy Bee Airways Private Limited — has also submitted the bid for cash-strapped GoFirst on Friday.
A SpiceJet airline official said that the bid has been submitted by Chairman and Managing Director Ajay Singh, in his personal capacity, along with Busy Bee Airways Private Limited.
Sky One Chairman Jaideep Mirchandani confirmed the bid submission for GoFirst airline.
“We have submitted the bid for Go First and look forward to the next stage. Given our vast aviation experience across the globe, we are confident about the acquisition,” said Mirchandani.
Mirchandani said that Indian aviation is at the cusp of unprecedented growth and Sky One was glad to play a part in it. “The prospects of growth in India are a big reason for exploring the acquisition. GoFirst comes with coveted slots at domestic and international airports, international traffic rights and a substantial user base, which makes it a reliable bet for us,” Mirchandani added.
The National Company Law Tribunal (NCLT) has recently granted a 60-day extension to GoFirst’s moratorium, allowing the airline more time to conclude its corporate insolvency resolution process (CIRP) allowing potential investors to submit their proposals for the carrier’s revival.
The resolution professional (RP) managing GoFirst’s case, also reported to the court that the airline has attracted interest from three prospective purchasers, each of whom has already submitted funds.
In 2023, Go First encountered difficulties regarding the availability of Pratt & Whitney engines utilised across its entire A320 aircraft fleet, asserting that this issue was significantly affecting its operations.
Consequently, on May 3, 2023, the airline suspended its operations and submitted a voluntary insolvency application to the National Company Law Tribunal. (Agency)
