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homeaviation NewsCNBC TV18 accesses SpiceJet CMD Ajay Singh's letter to GoFirst Resolution Professional

CNBC-TV18 accesses SpiceJet CMD Ajay Singh's letter to GoFirst Resolution Professional

CNBC-TV18 had reported on Monday that SpiceJet is one of the three suitors interested in taking over the Wadia-Group airline, who filed for bankruptcy protection in May this year.

By Daanish Anand Dec 19, 2023 10:39:10 AM IST (Updated)

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SpiceJet CMD Ajay Singh has written a letter to GoFirst's Resolution Professional (RP) Shailendra Ajmera in which he has expressed interest in bidding for the airline after due diligence. CNBC-TV18 has managed to access the letter.

CNBC-TV18 had reported on Monday that SpiceJet is one of the three suitors interested in taking over the Wadia-Group airline, who filed for bankruptcy protection in May this year.

Here's the full text of the letter written by Ajay Singh:

Dear Shailendra,

This refers to ongoing corporate insolvency resolution process of Go Airlines (India) Limited (“Go First”) under the Insolvency and Bankruptcy Code, 2016.

Please note that SpiceJet Limited (the “Company”) is a scheduled airline, engaged in the business of civil aviation in India and abroad and completed its eighteenth year of operations in May, 2023. It also operates a dedicated air cargo service under the brand name ‘SpiceXpress’ through its subsidiary.

The Company has recently approved and initiated process of raising fresh capital of about US$ 270 million to strengthen its financial position and provide resources to invest in growth plans.

The Company is interested in the resolution process of Go First and wish to submit an Expression of Interest (“EoI”) along with viable resolution plan for revival of Go First. Please appreciate that proposed combination among the Company and Go First will provide synergy and sustainable business model for revival of Go First in the present competitive environment in aviation industry.

We understand that the last date for submitting EoI has elapsed and therefore request you to please allow us to file EoI for Go First along with credible revival plan within a definite timeline.

Let us know in case you need any clarification.

CNBC-TV18 accesses letter written by Ajay Singh, CMD of @flyspicejet to Resolution Professional (RP) of Go First. Ajay Singh in his letter, has requested the RP to allow him to bid for Go first. He says, he wishes to submit an expression of interest (EoI) along with viable… pic.twitter.com/DL0cIqlx9s
— CNBC-TV18 (@CNBCTV18Live) December 19, 2023

Sources have further told CNBC-TV18 that the SpiceJet-GoFirst combined entity could target a market share between 22% - 25% in India's aviation market.

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