As GoFirst faces liquidation, a new lifeline has emerged with EaseMyTrip co-founder Nishant Pitti’s Busy Bee Airways. Pitti, in partnership with SpiceJet Chairman Ajay Singh, previously made a joint bid to revive the struggling airline, but it was rejected in mid-2024. Now, Busy Bee has approached the National Company Law Appellate Tribunal (NCLAT) to challenge the liquidation order and is actively negotiating with lenders to secure a resolution.
During the latest hearing, Busy Bee’s legal counsel informed NCLAT that discussions with lenders have progressed, and a written proposal has been shared. The lenders have requested further talks this week, leading the tribunal to defer the hearing until February 19. However, no interim relief has been granted, and the liquidation process remains on track unless an alternative resolution is reached.
GoFirst had voluntarily entered insolvency proceedings in 2023, with the National Company Law Tribunal (NCLT) later approving its liquidation. Meanwhile, aircraft lessors successfully deregistered their planes, leading the airline’s Committee of Creditors (CoC) to opt for liquidation due to the loss of key assets. Busy Bee’s latest petition argues that liquidation would harm competition, raise airfare prices, and jeopardise the jobs of over 4,800 employees.
The legal battle continues as Busy Bee seeks to submit a revised resolution plan, claiming that GoFirst’s financial status was not fully disclosed during insolvency proceedings. With NCLAT set to review the case again on February 19, the airline’s fate hangs in the balance, leaving room for a last-minute revival if negotiations succeed.