The National Company Law Appellate Tribunal (NCLAT) has instructed Busy Bee Airways, a prospective bidder for the bankrupt airline Go First, to engage with the airline’s lenders and negotiate a deal to acquire the airline as a going concern. This development follows Busy Bee Airways’ assertion to the NCLAT that it remains interested in acquiring Go First, citing the airline’s valuable assets, including its license from the Directorate General of Civil Aviation (DGCA), as key factors that make the airline a viable purchase.
Busy Bee Airways emphasized that despite Go First’s financial challenges, the airline’s existing assets, particularly its DGCA license, offer significant potential for a successful acquisition. The NCLAT’s direction for Busy Bee to negotiate directly with the lenders marks a critical step in the process of determining whether a viable deal can be reached to secure Go First’s future. The acquisition would enable the troubled airline to continue operating, preserving jobs and providing services to its customers.
The ongoing discussions with Go First’s lenders will be crucial in determining whether Busy Bee Airways can finalize an agreement that ensures the airline’s revival. The case highlights the challenges of acquiring a financially distressed company, but it also underscores the potential of Go First’s existing resources and the possibility of a successful turnaround.
