Private carrier SpiceJet on Tuesday expressed its interest to acquire GoFirst and is planning to submit its offer after carrying out due diligence of the bankrupt airline. The shares of SpiceJet have hit a 52-week high following the announcement.
In May this year, GoFirst had filed for voluntary insolvency before the National Company Law Tribunal, a decision triggered by Pratt & Whitney engine issues.
Voluntary insolvency is a process in which the company says it cannot pay debts and needs help from someone to help it out. When the company goes insolvent, it can proceed to voluntary liquidation.
