NEW DELHI: SpiceJet promoter Ajay Singh and EaseMyTrip founder & CEO Nishant Pitti-backed Busy Bee Airways’ bid for grounded airline Go First was discussed in detail by a committee of creditors on Friday and is likely to have an edge over the bid submitted by UAE-based SkyOne, said a source aware with the development.
“It is very early to comment on anything now but the bids we received were examined thoroughly today (Friday). So far, the bid submitted by Singh-Pitti appears more favourable,” said the source requesting anonymity. According to reports, the Singh-Pitti consortium has proposed a bid for more than Rs 1,600 crore to revive Go First.
When contacted Pitti of EaseMyTrip said, “Our bid for launching the airline remains confidential, guarded by the Committee of Creditors (CoC) until a successful bidder is announced. With a clear objective in mind, we are poised to commence operations swiftly, ensuring GoFirst takes to the skies without delay.”
As per industry experts, the main asset for the bidders is the $300 million arbitral award the airline has won from engine maker Pratt & Whitney (P&W). The new owners would be keen to receive this award. Besides, the airline’s slots at major airports, bilateral rights and real estate space are part of the asset up for grabs.
Last week, Singh and Piiti jointly submitted a bid for GoFirst. The bid has been submitted by Singh and Pitti in their personal capacity. Besides the duo, Jaideep Mirchandani’s UAE-based Sky One has also submitted a bid. Mirchandani has a majority stake in another grounded airline Zoom Air.
The submission of two bids comes days after the National Company Law Tribunal (NCLT) extended the deadline for the completion of the corporate insolvency resolution process (CIRP) of beleaguered Go First by 60 days.