EaseMyFirst founder withdraws acquisition bid for crisis-hit Go First

More than three months after jointly bidding for Go First, travel portal EaseMyTrip’s CEO Nishant Pitti on Saturday said he was withdrawing the bid for the bankrupt airline.

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, in February.

Pitti said after careful consideration, he decided to withdraw the bid for Go First in his personal capacity.

“The decision allows me to better focus on other strategic priorities and initiatives that align with our long-term vision and growth objectives,” he said in a statement.

The latest move also comes less than a month after the Delhi High Court allowed lessors to take back 54 planes leased to Go First.

On April 26, Pitti had said he will consider any necessary adjustments to its proposed offer for the grounded airline after reviewing the court order.

It could not be immediately ascertained whether Ajay Singh will be pursuing the bid since the joint bidder Busy Bee Airways has opted out.

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.

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.

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.

Go First shuttered operations due to financial woes caused by persisting issues with Pratt & Whitney engines that had resulted in the grounding of its aircraft.