Air Blue were going to restart back when Shaheen did, even adding prominent banners to their website claiming as such, but then backed down when Shaheen got in there first.
With Shaheen out of the picture, I do wonder if AirBlue will have another look. The old route was quite successful until they decided to run a small sublet of fuel hungry unreliable A340-300's. If they go back to their roots, it could again work?