Efforts to salvage the struggling Go First airline have gained significant traction, with new discussions about its potential acquisition taking center stage. According to a report by MoneyControl, Dubai government-owned airline FlyDubai has entered into talks with Busy Bee Airways, an Indian airline owned by Nishant Pitti, the co-founder of travel portal EaseMyTrip. FlyDubai’s involvement in the discussions is part of its broader strategy to acquire the bankrupt airline, Go First, in a bid to capitalize on its brand and operations.
The troubled airline, formerly known as GoAir, has been under insolvency proceedings for more than two years. The Wadia Group, which previously promoted Go First, sought insolvency after facing engine failures attributed to its supplier, Pratt & Whitney’s International Aero Engines. As a result, Go First has accumulated a massive debt of Rs 6,521 crore, with prominent lenders including Bank of Baroda, Central Bank of India, Deutsche Bank, and IDBI Bank. These financial challenges have led the airline into liquidation proceedings, with efforts underway to find a suitable resolution.
In late January, Busy Bee Airways, led by Nishant Pitti, filed a petition with the National Company Law Appellate Tribunal (NCLAT) to challenge the liquidation order passed by the National Company Law Tribunal (NCLT). Pitti has long expressed interest in acquiring Go First, and his airline has become one of the prominent contenders in the race to revive the airline. Busy Bee Airways has been involved in crafting a revival plan and has even joined forces with SpiceJet’s Chief, Ajay Singh, in a consortium that aims to help restructure and rejuvenate Go First.
During the insolvency process, the committee of creditors overseeing Go First’s case reportedly received two separate revival plans. One was from Sky One Airways, owned by Jaideep Mirchandani, while the second came from a consortium that included Nishant Pitti’s Busy Bee Airways. The discussions between FlyDubai and Busy Bee Airways suggest that the focus on reviving Go First is intensifying, with multiple parties looking to take control of the airline’s assets and restore it to profitability.
The airline’s troubles have highlighted significant challenges in the aviation sector, particularly concerning the reliability of aircraft engines and the mounting financial pressures on airline operators. As Go First continues to navigate its bankruptcy and restructuring, the ongoing discussions between FlyDubai and Busy Bee Airways signal a race to determine the future direction of the airline’s brand, which remains a valuable asset despite its financial struggles.
With no immediate resolution in sight, all eyes are on the ongoing negotiations and legal proceedings. As the fate of Go First hangs in the balance, industry experts are closely monitoring how the involvement of FlyDubai, Busy Bee Airways, and other interested parties will shape the airline’s future and possibly set a precedent for handling similar insolvency cases within the Indian aviation sector.
