Bids for bankrupt airline Go First (Go Airlines (India) Limited) will be opened on February 23, 2024 as lenders aim to find a suitor for the carrier which has been grounded for nine months. A consortium of Ajay Singh, SpiceJet Limited (BSE:500285) owner and Nishant Pitti - Co-Owner of online travel firm EaseMyTrip (Easy Trip Planners Limited (NSEI:EASEMYTRIP)), are the front runners as the duo has placed a bid for INR 6 billion. The other bid is from Sharjah-based company SkyOne (Sky One FZE) owned by Jaideep Mirchandani, who also has a majority stake in Zoom Air which has been grounded for over five years.

The airline's slots, bilateral rights and real estate space-like offices are part of the asset on sale. However, two parcels of land which were given collateral by the Wadia Group for raising debt are not part of the sale process. The lenders will look to sell those to cover up for their losses in the airline.

Resolution professional Shailendra Ajmera of EY has admitted claims of around INR 4,300 from financial creditors. This is the second attempt by lenders after a disappointing first round in October when 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. Sources said bidders are eyeing the compensation money from US engine maker Pratt & Whitney from the case filed in Singapore International Court of Arbitration.