BENGALURU: India’s budget carrier SpiceJet said on Tuesday it will submit an offer with the resolution professional of Go First after due diligence to “create an airline in collaboration” with the bankrupt carrier.

The news, which pushed up SpiceJet shares by more than 7%, came after Go First’s lenders began contemplating the airline’s liquidation after they did not get any bids for it within the late November deadline.

SpiceJet did not provide any further details on its offer on Tuesday. Last week, it said it would raise 22.50 billion rupees (nearly $271 million) by selling shares and warrants to aid growth plans.

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Go First did not immediately respond to Reuters request for comment.

The carrier’s bankruptcy filing lists Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank among its creditors to whom it owes a total of 65.21 billion rupees ($784.60 million).