SpiceJet Limited (BSE:500285) Promoter Ajay Singh and Busy Bee Airways Private Ltd. (BBAPL) have jointly submitted a bid for insolvent airline Go First (Go Airlines (India) Limited), which ceased to fly in May last year. Moreover, Sharjah-based aviation services company Sky One FZE announced submitting a bid for the airline. Ajay Singh, Chairman and Managing Director of SpiceJet, said in a statement he believed Go First held immense potential and could be revitalised to work in close synergy with SpiceJet, benefiting both carriers.

Apart from coveted slots at domestic and international airports, international traffic rights, and an order for over 100 Airbus Neo planes, GoFirst is a trusted and valued brand among flyers, he said. Jaideep Mirchandani, Chairman, Sky One, said: ?We have submitted the bid for Go First and look forward to the next stage, which is due diligence. Given our vast aviation experience across the globe, we are confident about the acquisition.

Indian aviation is on the cusp of unprecedented growth and we are glad to play a part in it.? After Go First airline stopped operating flights on May 3, its lessors had put in applications with the Directorate General of Civil Aviation to repossess more than 40 of the airline?s 54 planes. However, the National Company Law Tribunal on May 10 last year put a moratorium on all Go First?s assets, debarring the lessors from taking their planes back.

Multiple lessors of Go First have filed an appeal in the higher tribunal and courts to repossess the planes. The resolution professional had last year called for bids. Naveen Jindal-led Jindal Power had in October 2023 submitted an expression of interest.

However, Jindal did not submit a financial bid after due diligence.