Go Air is an Indian ultra-low-cost airline based in Mumbai, Maharashtra. Go Air is completely bankrupt due to debt.
New Delhi Under the burden of debt, the airline Go Air has completely shut down and now this airline is facing another big crisis. A big investor Nishant Pitti was planning to buy this airline and restart it, but now he too has refused to do this deal. Nishant Pitti is the CEO of travel portal EaseMyTrip. Nishant has said that after a lot of deliberation, he has decided to back out from this deal.
Busy Bee Airways owner Nishant Pitti and SpiceJet chief Ajay Singh had jointly offered to buy Go Air. After this offer in February, it seemed that Go Air would be able to gain momentum again, but this recent decision of Nishant Pitti has given a big blow to Go Air. The ray of hope that was visible for Go Air, which is facing the bankruptcy process, has now also drowned.
The reasons behind the High Court decision
On Saturday, the CEO of EaseMyTrip said that I want to move away from this issue and focus more on my other priorities. There is still a lot to be done to take my company forward.
It is worth noting that a few days ago, Go First had to lose its 54 planes due to the decision of the Delhi High Court. The court had decided against Go Air and ordered the leasing company to take back these planes. It was only after the court’s decision that Nishant backed out from this deal and decided to reconsider the proposal.
Deadline till June 3
It remains to be seen what SpiceJet chief Ajay Singh is going to do now. After losing his important partner due to the AS deal, it is difficult to guess whether Ajay Singh will take this deal forward. On Friday, Is My Trip announced its quarterly results. According to these results, the company
Go First suffered a loss of Rs 15.07 crore. The National Company Law Tribunal has given Go First time till June 3 to find a solution to its problem.
