MUMBAI - Two financial bids have been tendered for India's Go First airline as part of its bankruptcy proceedings, according to sources familiar with the matter. The creditors' meeting held on Friday saw budget carrier SpiceJet's Managing Director Ajay Singh, along with Busy Bee Airways, jointly offering a bid of 16 billion rupees ($193.10 million) for the troubled airline. The proposal includes provisions for additional capital infusion to facilitate the relaunch of Go First's operations, as revealed by a banker from a state-run bank with exposure to the airline. However, identities of the sources remain undisclosed due to lack of authorization to speak to the media. Attempts to seek comments from Go First's resolution professional, Ajay Singh, and SpiceJet have been met with silence thus far.

Nishant Pitti, the majority shareholder of Busy Bee Airways, emphasized the confidentiality of their bid, as it is safeguarded by the Committee of Creditors (CoC) until a successful bidder is officially announced. Meanwhile, another bid has been submitted by Sharjah-based Sky One Airways, albeit at a lower valuation compared to the competing offer, as confirmed by one of the bankers privy to the matter, who refrained from disclosing the exact amount. Sky One Airways has not yet responded to requests for comments on their bid.

The ongoing process involves thorough due diligence on the submitted bids, expected to be finalized by the following month, according to another banker from a state-run bank. Go First, which filed for bankruptcy in May last year, owes a significant sum of 65.21 billion rupees to creditors including Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank, as per its bankruptcy filing.