Busy Bee Aims to Save Go First
Counsel for the Nishant Pitti-backed Busy Bee Airways Pvt. Ltd has informed India’s National Company Law Appellate Tribunal (NCLAT) that discussions are underway to rescue Go First from liquidation. The development was highlighted during a hearing at the NCLAT’s Delhi bench on February 10, 2025, in the matter titled M/S Busy Bee Airways Private Limited vs Mr Dinkar T Venkatasubramanian (liquidator).
Busy Bee Airways, which previously teamed up with Ajay Singh, the chairman and managing director of SpiceJet, had made an earlier bid for Go First last year. Now, the airline is challenging a National Company Law Tribunal (NCLT) order to liquidate the failed carrier. Busy Bee’s counsel, Apoorv Aggarwal, revealed that the company has submitted a written proposal to the liquidator and to key lenders—including the out-of-pocket banks that control the Go First committee of creditors. According to CNBC TV18, these lenders have requested another meeting on the proposal, and the NCLAT has adjourned the matter until February 19, 2025.
Go First, once controlled by the Wadia Group, ceased operations in May 2023 and filed for administration shortly thereafter. The resolution professional, tasked with managing the airline’s turnaround efforts, accepted creditor claims totaling INR110 billion (approximately USD1.26 billion). This included claims of INR65.22 billion (roughly USD750 million) owed to four major banks. Despite a sales campaign launched last year that attracted two bids—one from the Pitti/Singh partnership and another from a UAE-based bidder called Sky One—both offers were ultimately deemed unsatisfactory. The bids provided minimal upfront cash and made down-the-line promises that left the resolution professional and the creditors underwhelmed.
The bid from Busy Bee Airways, led by Nishant Pitti, collapsed last year after the Delhi High Court allowed the deregistration and export of Go First’s aircraft. At that time, Pitti chose to walk away from the deal. The Sky One bid, which also failed to meet the required financial criteria, was subsequently rejected. Now, with discussions underway, Busy Bee Airways is seeking to overturn the liquidation order and offer a lifeline to Go First.
If successful, this move could potentially change the fate of Go First. However, there are significant challenges ahead. Pitti has not publicly outlined his plans for Go First should the NCLAT decide to overturn the liquidation order. The airline, as it stands, has been severely diminished—it currently possesses no aircraft, slots, licenses, or employees. Any recovery effort would require negotiating settlements with a long list of creditors and rebuilding the carrier’s operational infrastructure from scratch.
Busy Bee Airways’ proposal is aimed at sparing Go First from complete liquidation, thereby preserving whatever residual value might be extracted from the failed carrier. The strategy is seen as a bid to protect jobs, maintain service continuity, and ultimately revive a once-prominent player in the Indian aviation sector. The outcome of these discussions, pending further meetings with the creditors and the liquidator, will have significant implications not only for the future of Go First but also for the broader competitive landscape in India’s airline industry.
As the NCLAT prepares to reconvene on February 19, industry observers and stakeholders will be closely monitoring the proceedings, eager to see whether Busy Bee Airways can indeed chart a viable path forward for Go First.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com