New Delhi, April 4 -- The National Company Law Appellate Tribunal (NCLAT) on Friday rejected a plea by Busy Bee Airways, backed by EaseMyTrip co-founder Nishant Pitti, challenging the liquidation of bankrupt airline Go First.

A bench led by NCLAT chairperson Justice Ashok Bhushan upheld the National Company Law Tribunal's (NCLT) 20 January order, which allowed Go First's creditors to proceed with liquidation, citing the airline's lack of assets and an unviable recovery plan.

Read this | NCLT orders liquidation of Go First, ending 20-month insolvency saga

Busy Bee Airways had argued that it was prepared to acquire Go First and submit a revival plan. It contended that the airline retained valuable intangible assets, including its Directo...