After more than three months of jointly bidding for Go First, CEO Nishant Pitti of travel portal EaseMyTrip announced on Saturday that he is withdrawing the bid for the bankrupt airline.
Busy Bee Airways, majority-owned by Pitti, along with SpiceJet Chief Ajay Singh, had submitted a bid for Go First in February as the airline undergoes insolvency resolution.
Pitti stated that after careful consideration, he has decided to withdraw the bid for Go First in his personal capacity.
He explained, “The decision allows me to better focus on other strategic priorities and initiatives that align with our long-term vision and growth objectives,” in a statement.
This decision comes shortly after the Delhi High Court permitted lessors to reclaim 54 leased planes from Go First.
On April 26, Pitti mentioned that he would review the court order and make any necessary adjustments to the proposed offer for the grounded airline.
It is currently unclear if Ajay Singh will continue to pursue the bid now that Busy Bee Airways, the joint bidder, has withdrawn.
Additionally, Pitti’s announcement coincides with EaseMyTrip reporting a consolidated loss of Rs 15.07 crore for the March quarter and a full-year profit after tax of Rs 103.46 crore.
The National Company Law Tribunal (NCLT) recently extended the deadline for Go First’s insolvency resolution process to June 3, after the airline ceased operations on May 3, 2023, and filed for voluntary insolvency proceedings on May 10 last year.
Aside from Ajay Singh-Busy Bee Airways, Sharjah-based Sky One FZE also submitted a bid for Go First.
Go First faced financial challenges due to ongoing issues with Pratt & Whitney engines, leading to the grounding of its aircraft.
