Key Points
MUMBAI: A revival of Go First Airlines is set to get prolonged with creditors to the bankrupt airline likely to seek a third extension to the resolution timeline beyond the April 4 deadline even as formal negotiations with two final bidders are yet to commence...
Both bidders had increased their bids earlier this month after initial scrutiny by lenders, necessitating an extension to complete negotiations, people familiar with the process said...
"The committee of creditors (CoC) will meet either this week or early next week to finalise the extension of the timeline since a few more days will be needed to scrutinise and finally decide on the bids that are currently on the table," said a person aware of the process...
"Sky has offered Rs 735 crore upfront in cash and up to 20% of arbitration claims in the future while Ajay Singh has offered to pay Rs 650 crore over 12 months and 10% of arbitration claims," said a second person cited above...
The Ajay Singh-led consortium had earlier proposed to pay Rs 290 crore in cash while Sky One had initially offered Rs 410 crore upfront to lenders, according to media reports...
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