Counsel for the Nishant Pitti-backed Busy Bee Airways Pvt. Ltd has told India's National Company Law Appellate Tribunal (NCLAT) that discussions are underway to spare Go First (Mumbai International) from liquidation.

The matter, M/S Busy Bee Airways Private Limited vs Mr Dinkar T Venkatasubramanian (liquidator), was mentioned before the NCLAT's Delhi bench on February 10, 2025. Busy Bee Airways, which initially teamed up with Ajay Singh, chairman and MD of SpiceJet, to run the ruler over a bid for Go First last year, is challenging a National Company Law Tribunal (NCLT) order to liquidate the failed carrier. Among other things, Pitti is the founder and CEO of travel platform EaseMyTrip.

As reported by broadcaster CNBC TV18, Apoorv Aggarwal, appearing for Busy Bee Airways, told the NCLAT that his client had submitted a written proposal to the liquidator and key lenders including the out-of-pocket banks controlling the Go First committee of creditors. He said the lenders had sought another meeting on the matter this week. The NCLAT adjourned the matter until February 19.

Then controlled by Wadia Group, Go First ceased flying in May 2023 and filed for administration soon after. The appointed resolution professional, the Indian equivalent of an administrator, ended up accepting INR110 billion rupees (USD1.26 billion) in creditor claims, including INR65.22 billion (USD750 million) owed to four banks. Efforts to restart the airline were thwarted by ongoing legal challenges and a lack of funding.

A sales campaign last year attracted two bidders - the Pitti/Singh bid and another by a UAE-based entity called Sky One. However, both bids offered little in the way of upfront cash and a lot of down-the-track promises that left the resolution professional and committee of creditors underwhelmed. The Pitti/Singh bid fell over after the Delhi High Court allowed the deregistration and export of Go First's aircraft, with Pitti electing to walk away. The Sky One bid was ultimately rejected.

Pitti has not publicly said what his plans for Go First are should he persuade the NCLAT to overturn the liquidation order. Aside from a long list of creditors with which to negotiate settlement, Go First has no aircraft, slots, licences, or employees.

ch-aviation has contacted Nishant Pitti for further details.