Nishant Pitti-backed Busy Bee Airways challenges GoFirst’s liquidation in NCLAT

Busy Bee Airways, backed by EaseMyTrip’s Nishant Pitti, remains locked in a deal over the GoFirst acquisition as it has filed an appeal with the National Company Law Appellate Tribunal (NCLAT) challenging the recent winding up order. are fighting. The appeal seeks to halt the liquidation process and allow Busy Bee to submit a revised resolution plan for the grounded airline.

The company had earlier filed a bid for GoFast jointly with SpiceJet promoter Ajay Singh, but the Resolution Professional (RP) It claims that its initial resolution plan failed because it failed to provide details. Overall financial health. Busy Bee claims these failures contributed to the plan’s collapse and believes the revised draft offers a more realistic solution for the airline’s revival.

Busy Bee also stressed that liquidation would have a negative impact on the national interest, warning that liquidation would lead to higher airfares, less choice for consumers and less competition in the sector. The company argues that the liquidation value is negligible and that its resolution plan maximizes GoFirst’s value.

In its appeal, Busy Bee cites a Supreme Court ruling that liquidation is only a last resort, highlights potential job losses, and emphasizes that GoFirst has more than 4,800 employees. did. The Ministry of Corporate Affairs had earlier directed GoFirst to be liquidated on January 20, 2025 after 100% of the creditors committee (COC) voted in favor of the decision.