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SpiceJet's Ajay Singh bids for GoFirst

Livemint

Livemint · 1y ago

SpiceJet's Ajay Singh bids for GoFirst

SpiceJet Chairman Ajay Singh has submitted a joint bid with Busy Bee Airways for GoFirst airline. If successful, SpiceJet will be the operating partner and provide staff, services, and industry expertise to GoFirst. The National Company Law Tribunal has granted a 60-day extension for GoFirst's moratorium to finalize its corporate insolvency resolution process. The collaboration is expected to generate synergies and improve cost management and revenue growth for both carriers. SpiceJet has recently announced plans to lay off 15% of its staff to save costs.

Related News

SpiceJet to submit bid for bankrupt GoFirst

VCCircle

VCCircle · 1y ago

SpiceJet to submit bid for bankrupt GoFirst

SpiceJet has announced that it will submit a bid to collaborate with bankrupt carrier GoFirst in order to create an airline. This comes after GoFirst's lenders considered liquidation options due to the lack of bids received before the deadline. SpiceJet's shares rose over 7% following the news. Further details on the offer were not provided at this time.

You can’t use property without paying rent: Delhi HC rebukes SpiceJet, Ajay Singh | Mint

Livemint

Livemint · 1y ago

You can’t use property without paying rent: Delhi HC rebukes SpiceJet, Ajay Singh | Mint

The Delhi High Court has criticized SpiceJet for operating leased engines without paying rental dues, highlighting the airline's poor financial state. The court expressed doubt over the assurances made by SpiceJet's chairman and managing director, Ajay Singh, and questioned the airline's ability to fulfill its commitments. SpiceJet's legal troubles have been mounting, with previous court orders demanding personal guarantees from its directors. The airline is seeking to raise funds through a qualified institutional placement but has faced challenges in negotiations with lessors. SpiceJet's financial situation remains precarious, with declining profits and mounting liabilities.

SpiceJet founder Ajay Singh to infuse Rs 294 Cr in airline through promoter group entity

YourStory

YourStory · 5m ago

SpiceJet founder Ajay Singh to infuse Rs 294 Cr in airline through promoter group entity

Ajay Singh, founder of SpiceJet, plans to inject Rs 294 crore into the airline by converting warrants into equity shares via Spice Healthcare Pvt Ltd. This move will increase the promoter group's stake to over 33% from 29.11%. Singh will sell up to 3.15 crore shares to fund the conversion. The investment aims to bolster SpiceJet's financial position and support its turnaround strategy. Shares of SpiceJet rose by over 4% after this announcement.

SpiceJet’s Ajay Singh likely to sell more than 10% stake to raise funds | Mint

Livemint

Livemint · 11m ago

SpiceJet’s Ajay Singh likely to sell more than 10% stake to raise funds | Mint

SpiceJet's Chairman and Managing Director, Ajay Singh, is expected to sell over a 10% stake in the airline as part of a funding round set to conclude by the end of September. The budget airline operator is facing financial and legal challenges, as well as the grounding of aircraft. The company aims to raise funds to meet its financial obligations. Singh may sell up to 15% of the company's stake if certain conditions are met. The funding round is expected to raise around ₹2,000 crore and discussions have been held with potential investors.

Go First gets lifeline as NCLT extends moratorium, again

Livemint

Livemint · 1y ago

Go First gets lifeline as NCLT extends moratorium, again

The National Company Law Tribunal (NCLT) has approved a 60-day extension for bankrupt airline Go First's moratorium, allowing more time to complete its Corporate Insolvency Resolution Process (CIRP). The extension, effective from 4 April to 3 June, was supported by the committee of creditors. Two resolution plans are currently being finalized for Go First, including a joint bid by SpiceJet's Ajay Singh and Busy Bee, and a bid by Sharjah-based Sky One Aviation. The airline filed for insolvency in May 2023 and has been grounded since, facing legal and administrative challenges.

GoFirst lenders to mull liquidation after chances of revival get thinner

VCCircle

VCCircle · 1y ago

GoFirst lenders to mull liquidation after chances of revival get thinner

Lenders of Go First, formerly known as GoAir, will consider liquidation as an option for the bankrupt airline following a court ruling that allowed aircraft lessors to reclaim their planes. The airline owes a total of INR 65.21 billion ($780.88 million) to various creditors. Two bids have been received for the airline under the bankruptcy process, but lenders may reject them due to dissatisfaction with the offered sums. Liquidation will be put to a vote by the committee if the bids are formally rejected or if the applicants withdraw.

Will this ₹7,000-crore rescue plan save Go First?

Livemint

Livemint · 1y ago

Will this ₹7,000-crore rescue plan save Go First?

SpiceJet chairman Ajay Singh and Busy Bee Aviation have put forward a joint ₹7,000 crore rescue plan for bankrupt airline Go First. The proposal was discussed by the committee of creditors, along with a rival bid from Sharjah-based aviation company Sky One. The joint offer is said to be higher, and the decision regarding the bids will be announced in 15 days. Go First has been grounded since May 2023 and has been undergoing an insolvency process. The airline owes ₹6,521 crore to lenders and its land assets are estimated to be worth around ₹10,000 crore.

SpiceJet ordered to pay ₹100 crore to Marans by 10 September

Livemint

Livemint · 2y ago

SpiceJet ordered to pay ₹100 crore to Marans by 10 September

Delhi High Court on Thursday directed SpiceJet to pay ₹100 crore to Marans by 10th of September or attachment of assets will start. Ajay Singh can also be arrested in case of non-payment by September 10.

Delhi High Court summons SpiceJet MD Ajay Singh for third time over ₹440 crore claim raised by Kalanithi Maran | Company Business News

Livemint

Livemint · 8m ago

Delhi High Court summons SpiceJet MD Ajay Singh for third time over ₹440 crore claim raised by Kalanithi Maran | Company Business News

The Delhi High Court summoned SpiceJet Managing Director Ajay Singh for the third time on Monday. He is required to appear in person before a new bench in February. The summon comes in response to a claim made by Kalanithi Maran, stating that SpiceJet owes him ₹440 crore.

SaaS Startup Pepsales Bags Funding To Facilitate Businesses With Customised Product Demo

Inc42 · 11m ago

SaaS Startup Pepsales Bags Funding To Facilitate Businesses With Customised Product Demo

SaaS startup Pepsales has raised INR 9.1 Cr ($1.1 Mn) in a pre-seed funding round from Chiratae Ventures. Pepsales offers a demo automation service for B2B businesses, enabling them to quickly generate cloud-based demos in the SaaS space. The Bengaluru-based startup was founded by Ajay Singh and Abhinandan Sahgal in 2020.

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