Key Points
SpiceJet promoter Ajay Singh, Sharjah-based aviation company Sky One and little-known Busy Bee are the three entities that have finally submitted the 5-crore bank guarantee and a formal expression of interest (EoI) for the bankrupt Go First Airlines, people familiar with the process said...
Lenders will also likely put a proposal to extend the timeline for the resolution process by another two months beyond the current February 4 deadline, these people said.. "Singh has applied in his individual capacity..
Resolution professional (RP) Shailendra Ajmera is likely to call for fresh voting by creditors, as soon as Thursday, extending the resolution timeline by another 60 days beyond the current February 4 deadline, which will stretch the corporate insolvency resolution process (CIRP) to 330 days..
Lenders are hoping for formal bids after a disappointing first round in October when Jindal Steel and Power promoter Naveen Jindal's EoI, the only preliminary inquiry to make the cut as a bidder for the airline, did not translate into a final bid...
Simultaneously, lenders are also pursuing arbitration proceedings in Singapore against engine maker Pratt & Whitney (P&W), continuing the process started by Go First's erstwhile management seeking more than $1 billion from the company, blaming it for supplying faulty engines that were not replaced on time, resulting in the grounding of half the airline's fleet and pushing it toward bankruptcy...
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