In a bid to revive Go First in its personal capacity, SpiceJet CMD Ajay Singh and Busy Bee Airways Pvt Ltd Jaideep Mirchandanis Sky One has submitted a joint bid. Prior to this, Ajay Singh had also made a bid for Air India, when the government was selling off the Maharaja, who finally returned to the original Tata Group. For more over two years, SpiceJet has been experiencing financial difficulties, which has caused them to postpone paying its stakeholders, including staff salaries, PF, and TDS. The airline is slashing 15% of its staff in order to save money, as per reports.According to the sources, responding to bid for Go First, CMD of the low-cost carrier SpiceJet said, I firmly believe that Go First holds immense potential and can be revitalized 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. I am happy to contribute to the efforts aimed at reviving this popular airline and leveraging its strengths for mutual growth and success, Singh added.Soon after the announcement, the SpiceJet share closed with 11.28% rise at 70.81 INR on Friday.What is GoFirst Airlines Saga all aboutThe Go First Airlines saga has been a complex and ongoing situation involving financial struggles, engine issues, and a bankruptcy filing. Go First, previously known as GoAir, has been battling financial difficulties for a while. The airline cited increasing fuel prices, a weak rupee, and faulty Pratt & Whitney engines as main factors.Not only this, Go First claimed that issues with their Pratt & Whitney engines led to grounding of half their fleet, causing significant revenue loss and added expenses. Pratt & Whitney denies any responsibility for the airlines financial woes.Then, in July 2023, Go First filed for bankruptcy protection under Indias Insolvency and Bankruptcy Code (IBC). This was seen as a last-ditch effort to save the airline.Currently, the National Company Law Tribunal (NCLT) granted some relief to Go First under the bankruptcy process, but lessors of the airline challenged this decision in the National Company Law Appellate Tribunal (NCLAT). The saga has caused significant inconvenience to passengers, with numerous flight cancellations and disruptions.
