EaseMyTrip founder Nishant Pitti and SpiceJet promoter Ajay Singh have submitted a joint bid to revive GoFirst, giving the budget carrier, grounded since last May, another chance of a restart. While Pitti, who has bid through his company Busy Bee Airways, will bring in about £ 50 million for the revival process, Singh, who has bid in his personal capacity, brings experience of running an airline to the table.
Another bid for GoFirst has come from Sharjah-based Sky One. A third company, Safrik Investments, has also shown interest in the airline. Thanks to these three entities, National Company Law Tribunal had on Feb 13 extended the deadline by another 60 days to complete GoFirst’s resolution process. The first attempt did not see Go getting any bids. Safrik Investments has presence in New York, Abidjan and Dubai. It contributes to development of the African continent through strategic investments.
The Pitti-Singh joint bid could, however, make GoFirst the first airline to revive under India’s bankruptcy law as revival of Jet Airways is all but stalled. “This combination has both funds (from Pitti) and airline experience (Singh). EaseMyTrip, like all travel agencies, has significant amount stuck as un-refunded GoFirst tickets sold.