EaseMyTrip CEO Pitti Withdraws His Bid For Bankrupt Carrier Go First
EaseMyTrip CEO Nishant Pitti announced on Saturday that he is withdrawing his bid for Go First airline. Over three months after placing a joint bid for the bankrupt carrier, the travel portal CEO took back his application.
Pitti had placed the bid via Busy Bee Airways, along with SpiceJet CEO, Ajay Singh, earlier in February. The former informed that he has decided to withdraw his bid in his personal capacity after careful consideration, reported PTI.
“The decision allows me to better focus on other strategic priorities and initiatives that align with our long-term vision and growth objectives,” Pitti said via a statement. This development follows after the Delhi High Court allowed lessors to take back the 54 aircraft leased to the troubled airline.
Earlier in April, Pitti noted that he would be looking into any needed adjustments to the proposed offer for the airline after understanding the court order. However, it remains unclear if Ajay Singh plans to continue with his bid or opt out of it.
On Friday, EaseMyTrip reported a consolidated loss of Rs 15.07 crore for the January-March quarter in the 2023-24 fiscal year (FY24). However, the firm also clocked a full-year profit after tax of Rs 103.46 crore.
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Earlier last month, the National Company Law Tribunal (NCLT) also imposed an extension on the deadline to complete the insolvency resolution process for Go First by 60 days to June 3, 2024. The earlier deadline was April 4, 2024.
After stopping operations on May 3, 2023, the airline filed for voluntary insolvency resolution proceedings and the plea was admitted by the NCLT on May 10, 2024. The airline closed operations owing to financial difficulties caused by continuous troubles with Pratt & Whitney engines, resulting in the grounding of its aircraft.
Other bidders who applied for the bankrupt carrier included Sky One FZE, based out of Sharjah.
