The India National Company Appellate Law Tribunal has dismissed several appeals against a January 2025 ruling ordering the liquidation of Go First (Mumbai International).
Justice Ashok Bhushan handed down his decisions on April 4, throwing out separate appeals by trade union Bhartiya Kamgar Sena Mumbai, former employee Arjun Dhawan & Ors, and Nishant Pitti’s investment vehicle Busy Bee Airways Pvt. Ltd.
Pitti, who founded the online travel agency EaseMyTrip, was the highest-profile individual trying to breathe life back into Go First, which collapsed in May 2023.
While failing to halt the liquidation order, Pitti can still lodge an asset buyout proposal with Go First’s liquidator and committee of creditors. He maintains that Go First has some viable intangible assets, including brand value and its Directorate General of Civil Aviation-issued licence.
Pitti had previously teamed up with Ajay Singh, owner and managing director of SpiceJet, to bid to buy Go First when it was put up for sale last year. However, Pitti ended his involvement after a court ordered the deregistration of Go First’s aircraft and their return to their lessors.
Go First’s liquidation will allow creditors and lenders to recover some of the INR65.21 billion rupees (USD759 million) they are owed.
