Suitor pulls out of deal for insolvent Go First


Suitor pulls out of deal for insolvent Go First

Sunday, 26 May, 2024 0

The future of grounded airline Go First seems to be in more jeopardy than ever.

One of the main bidders to help restructure the airline while in insolvency has pulled out.

Nishant Pitti, founder of travel platform EaseMyTrip has withdrawn his proposal.

It comes as the Delhi High Court has now allowed lessors to repossess aircraft due to unpaid bills.

There had been a moratorium on seizing its aircraft during the insolvency process.

The airline has more than 50 leased planes.

The civil aviation ministry could now distribute Go First’s landing slots to other airlines.

“After careful consideration, I have decided to withdraw from the bid in my personal capacity. This decision allows me to better focus on other strategic priorities,” Pitti said.

Pitt had made a bid jointly with SpiceJet chief Ajay Singh.

SpiceJet had its own financial problems in recent years.

EaseMyTrip still has many customers awaiting unpaid refunds from Go First.

Go First was grounded a year ago, blaming ongoing issues with Pratt & Whitley aircraft engines causing the grounding of many planes.

  

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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.



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