MUMBAI: A revival of Go First Airlines is set to get lengthened with financial institutions to the insolvent airline company most likely to look for a 3rd extension to the resolution timeline beyond the April 4 due date even as official settlements with 2 last bidders are yet to start. Both bidders had actually increased their quotes previously this month after preliminary analysis by loan providers, requiring an extension to finish settlements, individuals knowledgeable about the procedure stated. “The committee of lenders (CoC) will fulfill either today or early next week to settle the extension of the timeline considering that a couple of more days will be required to scrutinise and lastly choose the quotes that are presently on the table,” stated an individual familiar with the procedure. To be sure, a fresh extension will take the timeline beyond the external due date of the personal bankruptcy code of 330 days, however loan providers state more time is required to finish the procedure. Sharjah-based air travel business Sky One helmed by Jaideep Mirchandani, and domestic airline company SpiceJet promoter Ajay Singh together with an entity called Busy Bee Airways, which is owned by Nishant Pitti – owner of online travel portal EaseMyTrip, are the 2 bidders in the fray. Resolution expert Shailendra Ajmera
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