AJAY SINGH GOFIRST BID
India parts ways with IBA, joins World Boxing
The Boxing Federation of India (BFI) has left the suspended International Boxing Association (IBA) to join World Boxing, aiming to secure boxing's Olympic future. This move follows the threat from the International Olympic Committee to exclude boxing from the 2028 Los Angeles Olympics if federations remain aligned with the IBA.
EaseMyTrip's Nishant Pitti, SpiceJet owner Ajay Singh pull out of Go First race
The Singh-Pitti consortium's pullout leaves the revival of Go First in jeopardy. They were the frontrunners for the troubled airline with a total bid of around ₹1,600 crore.
GoFirst loses a suitor as EaseMyTrip's founder Nishant Pitti withdraws bid
EaseMyTrip's CEO, Nishant Pitti, announced the company's decision to withdraw its bid for airline GoFirst, citing a focus on their core strengths. This move comes after the Delhi High Court's recent order allowing lessors to deregister and repossess Go First's planes, which impacted hopes of favorable valuation for the defunct airline's creditors. Previously, Pitti's EaseMyTrip, along with SpiceJet promoter Ajay Singh, had jointly bid for Go First.
Delhi HC allows lessors' plea seeking deregistration of all 54 Go First aircraft, restrains carrier from flying them
The Delhi High Court grants lessors' request to deregister Go First's 54 aircraft, restricting the airline from operating them and ordering the DGCA to aid in their export and provide certificate of airworthiness. The Resolution Professional prohibited from tampering with the planes and must provide comprehensive documentation to the lessors
'Go First lenders yet to decide on bids, airline's revival likely to be delayed'
Both bidders had increased their bids earlier this month after initial scrutiny by lenders, necessitating an extension to complete negotiations, people familiar with the process said. "The committee of creditors (CoC) will meet either this week or early next week to finalise the extension of the timeline since a few more days will be needed to scrutinise and finally decide on the bids that are currently on the table," said a person aware of the process.
SpiceJet CMD Ajay Singh ups bid for Go First following banks' nudge
One of the two bidders for bankrupt airline Go First in India has raised its offer following lender encouragement, increasing the bid by 1-1.5 billion rupees from the original 16 billion rupees. The consortium, including SpiceJet's Ajay Singh and Busy Bee Airways, aims to meet creditors' expectations.
- Go To Page 1
Go First liquidation a possibility; lowballed banks may seek better offer
SpiceJet consortium and SkyOne are frontrunners in the race for Go First as present. Lenders may ask bidders to improve offers in the resolution process for the airline. Lack of information has hampered bid conditions. Previous attempt to sell failed due to lack of information and protracted delays.
Lenders to open bids for Go First today
Bids for bankrupt airline Go First will be opened on Friday. Ajay Singh, SpiceJet owner, and Nishant Pitti, co-owner of EaseMyTrip, are front runners with a bid of Rs 600 crore. SkyOne, owned by Jaideep Mirchandani, also placed a bid. Financial creditors have claims of around ₹4,300. Pratt & Whitney compensation is being pursued in a Singapore court case.
Why Ajay Singh of troubled SpiceJet seeks redemption in bankrupt Go First
Ajay Singh, known for turning around airlines, has bid for the bankrupt Go First airline. However, his own airline, SpiceJet, is also facing financial challenges. Turning around Go First will be a difficult task, but restarting the airline quickly is the best hope for its success.
Supreme Court directs SpiceJet to clear $1.25 million dues to Credit Suisse by March 15
The Supreme Court instructed SpiceJet to settle its outstanding dues of $1.25 million to Credit Suisse by March 15 in a payment dispute totaling $24 million. The court directed SpiceJet chairman Ajay Singh to appear on March 22. Credit Suisse's counsel stated that SpiceJet was in default of $1.25 million as of February 15, while SpiceJet's counsel disputed the claim, citing delayed payment.
SpiceJet-Credit Suisse Case: SC says no scope for belated payment, asks carrier to clear dues by March 15
The Supreme Court directed SpiceJet to clear all outstanding dues to Credit Suisse by March 15. The court had earlier granted SpiceJet six months to settle arrears with Credit Suisse. SpiceJet, facing financial challenges, has also bid for bankrupt carrier Go First. Ajay Singh, SpiceJet CMD, has been summoned to appear before the court on March 22
Revival of bankrupt Go First airline will 'Spice' up India's aviation
Go First receives bid from Ajay Singh and Busy Bee Airways, blaming Pratt & Whitney for revenue losses. SpiceJet plans to partner with Go First, despite its own financial struggles. Market share consolidation in the aviation sector raises concerns about competition and service quality.
SpiceJet shares jump 14% after Ajay Singh, Busy Bee Airways submit joint bid to acquire GoFirst
SpiceJet said that it is currently in the midst of a revival plan and has successfully completed the first tranche of capital infusion amounting to Rs 744 crore, with additional subscriptions pending regulatory approval.
SpiceJet promoter Ajay Singh, Busy Bee Airways submit bid for GoFirst
SpiceJet promoter Ajay Singh and Busy Bee Airways jointly bid for financially troubled GoFirst, planning to operate it with SpiceJet's support. Singh highlighted Go First's potential and aims to leverage its strengths. The NCLT granted a 60-day extension to Go First's resolution process. SpiceJet, restructuring its finances, recently laid off staff and secured Rs 744 crore capital infusion.
Go First's lenders to seek extension of insolvency process by 60 days - sources
Go First, which filed for bankruptcy in May last year, would have been under the resolution process for 270 days as on Feb. 4. The beleaguered airline has received expressions of interest from SpiceJet promoter Ajay Singh, UAE-based Sky One and Busy Bee, according to sources.
SpiceJet gets over Rs 900 cr funding; to focus on fleet upgradation, cost cutting measures
SpiceJet plans to focus on fleet upgradation and cost-cutting measures with the recent funding of over Rs 900 crore. The airline's bank balance now exceeds Rs 900 crore, including Rs 160 crore received from the government's Emergency Credit Line Guarantee Scheme. Chairman Ajay Singh has infused funds into the carrier, contributing Rs 200 crore out of the announced Rs 500 crore fund infusion.
Ajay Singh, Sky One and Busy Bee file firm bids for Go First
SpiceJet promoter Ajay Singh, Sky One, and Busy Bee have submitted the bank guarantee and expression of interest for bankrupt Go First Airlines. The lenders may extend the resolution process deadline by two months. Singh applied individually, while Busy Bee is a new applicant associated with Plan IT. Safrik Investments and NS Aviation did not submit guarantees. The three entities will receive more information on Go First to develop a formal plan. Creditors may vote again to extend the resolution timeline beyond the current deadline.
SJVN inks PPA with BBMB to set up 18 MW solar project
State-owned company SJVN Ltd has entered into an agreement with Bhakra Beas Management Board (BBMB) to construct an 18 MW solar power project in Himachal Pradesh and Punjab. The project, which will reduce carbon emissions by 44,923 tonnes annually, is expected to be commissioned by August 2024.
SpiceJet shares surge over 7% as promoter Ajay Singh to infuse Rs 500 crore in airline
SpiceJet further said that the fundraising will also be considered as an equity contribution by the promoters under the Emergency Credit Line Guarantee (ECLG) scheme, which will provide additional credit facilities of Rs 206 crore to the company.
SpiceJet promoter Ajay Singh to infuse Rs 500 crore in airline to boost financial position
The infusion will be done through subscription to equity shares or convertible securities on a preferential basis.
No plans to file for insolvency, says SpiceJet CMD Ajay Singh
Ajay Singh, chairman and managing director of SpiceJet, also said the airline has started the process of reviving its grounded fleet by “using the $50 million ECLGS (Emergency Credit Line Guarantee Scheme) funds and our own cash”.
Can't talk of AI bid; its brand will be restored to previous glory after privatisation: SpiceJet CMD
According to sources, financial bids put in by Singh and the Tata group for the debt-laden Air India were opened last month and were vetted by 'Core Group of Secretaries on Disinvestment' -- which is headed by Cabinet Secretary Rajiv Gauba -- on September 29.
The price of bringing JRD Tata’s beloved Maharaja back home
If Air India returns to the Tata Group fold – sources have hinted bids could be opened soon– it will be a historic, and emotional, moment for Ratan Tata, inheritor of JRD’s spirit and a pilot himself.
Govt fixes minimum reserve price for Air India, winner of bid most likely identified
The Tata Group is believed to be the frontrunner - it's understood to have submitted a higher bid for Air India. "The high bid is made keeping in mind the national asset," an executive said.
Financial bids received to be opened after technical bid scrutiny: Jyotiraditya Scindia on Air India divestment
"We have received technical bids and financial bids which are in sealed envelopes. Currently, the technical bids are being scrutinised. Financial bids will be opened only after scrutiny of technical bids," the Civil Aviation Minister told reporters here.
Tata Sons, Ajay Singh submit financial bids for Air India, as per sources
Air India is likely to be handed over by December if bids are satisfactory, sources told ET Now. Earlier today the DIPAM tweeted that financial bids for AI divestment have been received and the process will now be moving to the concluding stage.
Air India sale plan may take off with bids from Tata Group and SpiceJet Chairman Ajay Singh
At least two entities are expected to submit financial bids on Wednesday for Air India, marking an important milestone in the government’s plan to privatise the national carrier.
Selloff: Financial bids for Air India by September 15
The Tata Group has bid for AI through AirAsia India and its executives have been visiting the airline sites across India in the past few months.
SpiceJet promoter Ajay Singh readies $1 billion war chest for Air India bid
The SpiceJet promoter will use a combination of his shares in the listed company and equity that will be allocated to him as part of a planned hive-off of his airline’s cargo business as security to raise about $300 million.
Load More
