GoAir, the budget airline that ceased operations last May due to financial difficulties, is now on the brink of liquidation. Nishant Pitti, Founder & CEO of EaseMyTrip.com and one of the primary bidders aiming to revive the insolvent airline, announced on Saturday that he is withdrawing his bid.
This decision follows closely on the heels of a ruling allowing aircraft lessors to repossess their planes, effectively signaling the end for the once-prominent Wadia Group airline.
“After careful consideration, I have decided to withdraw from the GoAir bid in my personal capacity,” said Pitti. “This decision allows me to better focus on other strategic priorities and initiatives that align with our long-term vision and growth objectives. Our commitment to delivering exceptional value and service remains unwavering as we continue to navigate new opportunities and challenges.”
The jobs do not just include full-time employment but also include gig models to address talent demand when there is a high influx of tourists. From January 2023, TeamLease Degree Apprenticeship reports a 14 per cent increase in gig roles with some of the roles including tour guides, photographers and translators. This is expected to increase by 18-20 per cent over the next two years.
GoAir’s financial troubles began last year when it ran out of cash, forcing it to ground its fleet. The airline had been under insolvency proceedings, with hopes of finding a buyer to salvage its operations. Pitti’s withdrawal now leaves GoAir without a viable path to recovery.The withdrawal and the subsequent repossession of aircraft by lessors mark a significant blow to the airline industry, indicating the possible liquidation of GoAir. This development underscores the challenges faced by the sector, particularly in maintaining financial stability amidst fluctuating market conditions.
With Pitti shifting focus to other ventures, the future remains uncertain for GoAir’s employees and stakeholders. The industry will be watching closely as developments unfold, anticipating further moves from creditors and other interested parties in response to the airline’s impending liquidation.
