NEW DELHI: EaseMyTrip’s chief executive officer Nishant Pitti on Saturday said he is withdrawing the bid for the bankrupt airline Go First.
“After careful consideration, I have decided to withdraw from the GoAir bid in my personal capacity.
This decision allows me to better focus on other strategic priorities and initiatives that align with our long-term vision and growth objectives,” said Pitti, Founder & CEO of the travel port EaseMyTrip.
More than three months back, Busy Bee Airways, majority-owned by Pitti, along with SpiceJet Chief Ajay Singh, had put in a bid for Go First, which is undergoing an insolvency resolution process. It is not immediately known whether Singh would go ahead or withdraw his plans as well.
The latest move by Pitti comes less than a month after the Delhi High Court allowed lessors to take back 54 planes leased to Go First. This order, according to experts, has the capability to derail the revival process of airline as it would leave minuscule assets for the bidders who have shown interest in acquiring the airline.
Following this order, Pitti had said he will consider any necessary adjustments to its proposed offer for the grounded airline after reviewing the court order.
Meanwhile, Pitti’s announcement about the withdrawal of the bid also comes a day after EaseMyTrip on Friday reported a consolidated loss of Rs 15.07 crore for the March quarter and a full-year profit after tax of Rs 103.46 crore.
Go First stopped flying on May 3, 2023, and its plea for voluntary insolvency resolution proceedings was admitted by the NCLT on May 10 last year. Apart from Ajay Singh-Busy Bee Airways, Sharjah-based Sky One FZE had submitted a bid for Go First.
On April 8, the National Company Law Tribunal (NCLT) again extended the deadline to complete Go First’s insolvency resolution process by 60 days to June 3. Prior to this extension, the deadline was April 4.