GoFirst loses a suitor as EaseMyTrip's founder Nishant Pitti withdraws bid

GoFirst, which ceased operations last May due to financial insolvency, may now face liquidation. Online travel company EaseMyTrip's CEO Nishant Pitti on Saturday said the company has decided to withdraw its bid for airline to concentrate on its areas of strength.

"We have decided to withdraw from the GoAir bid to concentrate on our core areas of strength. Our focus remains on leveraging our expertise and resources to achieve sustainable growth and success," said Pitti in a post on social media platform X.

Pitti's online travel agency has a large amount stuck with Go in terms of unrefunded tickets.


The company reported a net loss of Rs 15 crore for the fourth quarter that ended March 31, 2024. It posted Rs 31 crore in net profit in the same period in the last fiscal year.

Meanwhile, last month's order of the Delhi High Court allowing lessors to deregister and take possession of the 54 Go First planes has all but ended hopes of a good valuation for creditors of the defunct airline, said people with knowledge of the matter.

Ajay Singh, promoter of SpiceJet, and Pitti's EaseMyTrip had jointly bid for the airline.

People involved in the process had said Go First’s committee of creditors (CoC) felt that the price offered by the two bidders was too low and their revival plan primarily hinged on monetary compensation from the case against engine maker Pratt & Whitney (P&W).

The committee involved state-run Central Bank of India and Bank of Baroda.

Go First, formerly owned by the Wadia group, is embroiled in a legal battle with P&W at the Singapore Court of Arbitration in which the airline has claimed about Rs 8,000 crore compensation, blaming its bankruptcy to the failure of P&W engines forcing it to ground many aircraft.

Go First owes creditors more than Rs 6,200 crore. Central Bank of India, Bank of Baroda and IDBI Bank are the secured creditors, with admitted claims of Rs 1,934 crore, Rs 1,744 crore and Rs 75 crore, respectively.