The move came after Nishant Pitti-backed airways showed interest in acquiring the airline, citing reasons like Go First’s valuable intangible assets, including its Directorate General of Civil Aviation (DGCA) license. Busy Bee had initially shown interest in acquiring Go First and had moved a bid worth Rs 1,600 crore for the same. But later, as the airline lost operational aircraft, Busy Bee pulled back only to re-enter the race with an increased bidding amount worth Rs 1,800 crore.  

Even as the National Company Law Appellate Tribunal (NCLAT) on Friday upheld the liquidation order for Go First Airways, it has paved the way for a potential revival—at least in part—by allowing EaseMyTrip co-founder Nishant Pitti’s company to propose an asset buyout scheme.

The appellate tribunal dismissed a batch of appeals, including one filed by Pitti-led Busy Bee Airways, which had challenged the National Company Law Tribunal’s (NCLT) January 2025 order to liquidate the cash-strapped airline. However, in a significant move, the NCLAT permitted Busy Bee to file a scheme with Go First’s liquidator to acquire the airline’s assets.

As per the order, the liquidator is empowered to “consider” the scheme submitted by Busy…

The National Company Law Appellate Tribunal (NCLAT) on Friday rejected a plea by Busy Bee Airways, backed by EaseMyTrip co-founder Nishant Pitti, challenging the liquidation of bankrupt airline Go First.

A bench led by NCLAT chairperson Justice Ashok Bhushan upheld the National Company Law Tribunal’s (NCLT) 20 January order, which allowed Go First’s creditors to proceed with liquidation, citing the airline’s lack of assets and an unviable recovery plan.

Read this | NCLT orders liquidation of Go First, ending 20-month insolvency saga

Busy Bee Airways had argued that it was prepared to acquire Go First and submit a revival plan. It contended that the airline retained valuable intangible assets, including its Directorate General of…

Limavady business enters insolvency owing total of 14 creditors including taxman

A Co Londonderry building company once owned by two of Ireland’s richest men has commenced insolvency proceedings after racking up debts of more than £3.4m.

Taggart Homes, Limavady, filed a notice of voluntary arrangement on April 1, announcing it had held a meeting of creditors in Derry on Monday.

On May 2, 2023, Go First filed a voluntary plea under Section 10 of the Insolvency and Bankruptcy Code (IBC), seeking admission to the Corporate Insolvency Resolution Process (CIRP). The NCLT admitted the application on May 10, appointing a Resolution Professional (RP) to manage the airline’s affairs.

In response, the airline’s lessors appealed to the NCLAT, arguing that their assets had been unfairly retained under the moratorium despite the termination of leases before the proceedings began.

On May 22, 2023, the NCLAT upheld the NCLT’s decision and directed the lessors to seek clarification regarding the moratorium from the NCLT.

The lessors subsequently approached the Delhi High Court, urging the Directorate General of Civil Aviation…

Key Insurance, a Kansas-based insurer specializing in non-standard auto, was placed into liquidation this week after a court ruled the company insolvent.

The Shawnee County District Court ordered the liquidation of Key on March 31 after reviewing significant evidence that Key’s liabilities exceed its admitted assets. The court found that Key’s consistent underwriting losses, existing claims and negative policyholders’ surplus “demonstrate a substantially deteriorating financial position equating to insolvency.”

The court appointed Kansas Insurance Commissioner Vicki Schmidt as liquidator, and Schmidt appointed Jodi Adolf and Bruce Baty as the special deputy receivers to carry out the day-to-day responsibilities of the…