Nishant Pitti Continues Quest To Revive Go First

Go First: Nishant Pitti’s Revival Mission

The legal team representing Busy Bee Airways Pvt. Ltd, backed by Nishant Pitti, informed the National Company Law Appellate Tribunal (NCLAT) that talks are ongoing to prevent Go First from being liquidated.

On February 10, 2025, the NCLAT’s Delhi bench addressed the M/S Busy Bee Airways Private Limited case against Mr. Dinkar T. Venkatasubramanian, the liquidator. Previously, Busy Bee Airways had collaborated with Ajay Singh, the chairman and MD of SpiceJet, to make a bid for Go First last year. Now, it is contesting the National Company Law Tribunal’s (NCLT) decision to liquidate the defunct airline. Additionally, Pitti is acknowledged as the founder and CEO of the travel platform EaseMyTrip.

Apoorv Aggarwal of Busy Bee Airways stated to the NCLAT that his client submitted a written proposal to the liquidator and key lenders, including the banks involved with the Go First creditors’ committee. He noted that the lenders have asked for another meeting on this matter this week. As a result, the NCLAT has deferred the case until February 19.

In May 2023, Go First ceased operations under the management of Wadia Group and later filed for administration. Like an administrator in India, the appointed resolution professional recognized claims amounting to INR110 billion rupees (USD1.26 billion) from creditors. This total included INR65.22 billion (USD750 million) owed to four banks. Ongoing legal challenges and lacking funds impeded efforts to revive the airline.

Last year’s sales campaign drew two bidders: the Pitti/Singh bid and another from Sky One, a UAE-based firm. However, both proposals lacked substantial upfront payments and included numerous vague promises, disappointing the resolution professional and the creditors’ committee. After the Delhi High Court permitted the deregistration and export of Go First’s aircraft, Pitti chose to withdraw, leading to the collapse of their bid. Meanwhile, the Sky One offer was ultimately turned down.

Pitti has yet to announce his strategy for Go First if he convinces the NCLAT to revoke the liquidation order. In addition to dealing with numerous creditors for a settlement, Go First lacks aircraft, slots, licenses, and employees.