Nishant Pitti, CEO of travel portal EaseMyTrip, announced on Saturday that he is withdrawing the bid for the bankrupt airline Go First, which he jointly bid for with SpiceJet Chief Ajay Singh through their respective companies Busy Bee Airways and SpiceJet. The decision to withdraw the bid was made after careful consideration, allowing Pitti to focus on other strategic priorities and initiatives in line with the long-term vision and growth objectives of EaseMyTrip.
This announcement comes after the Delhi High Court allowed lessors to take back 54 planes leased to Go First. Previously, on April 26, Pitti had expressed willingness to consider necessary adjustments to the proposed offer for Go First following a court order. With Busy Bee Airways opting out, it is unknown whether Ajay Singh will continue to pursue the bid independently.
The withdrawal of the bid also follows EaseMyTrip’s report of a consolidated loss of Rs 15.07 crore for the March quarter, despite a full-year profit after tax of Rs 103.46 crore. Additionally, the National Company Law Tribunal (NCLT) extended the deadline for completing Go First’s insolvency resolution process to June 3.
Go First ceased operations on May 3, 2023, and its plea for voluntary insolvency resolution proceedings was admitted by the NCLT on May 10 last year. Besides the joint bid by Ajay Singh-Busy Bee Airways, Sharjah-based Sky One FZE had also submitted a bid for Go First. The airline’s financial struggles were attributed to ongoing issues with Pratt & Whitney engines, which led to the grounding of its aircraft.
