Busy Bee Airways, supported by Easemytrip co-founder Nishint Pitti, has notified the National Court of Appeals for the National Corporations Act (NCLAT) that it will file a bid to revive the bankrupt airline by discussing with Go First lenders. . NCLAT’s Delhi bench is now hearing that Busy Bee’s plea will challenge Go First’s liquidation order.
Busy Bee Airways said they already met with the lender this week that they are planning more discussions. The court has yet to pass the order and has postponed the hearing until February 19th, but the latest proposals are also shared.
The National Corporations Tribunal (NCLT) ordered the settlement of Go First on January 20, 2025, at the request of the Creditors’ Committee (COC). The ruling concluded the airline’s 20-month bankruptcy process. This began on May 2, 2023, when Go first filed for voluntary bankruptcy, citing financial distress. The petition was accepted by the NCLT on May 10, 2023.
Busy Bee Airways is currently seeking permission to submit a revised resolution plan, providing potential last-minute rescues for low-cost carriers. Whether the courts are allowing this fresh attempt will be closely monitored by industry stakeholders and creditors.
