February 26, 2021

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Jet Airways disaster: Recent expressions of curiosity invited for defunct airline | Firms Information

Jet Airways crisis: Fresh expressions of interest invited for defunct airline

Mumbai: Jet Airways insolvency decision skilled on Wednesday invited contemporary expressions of curiosity (EoI) for the grounded airline. That is the fourth time that EoI has been invited for Jet Airways, which was shuttered final yr.

The final date for submission of bid paperwork is Could 28 and the ultimate checklist of potential decision candidates might be issued on June 10, as per a public doc. The choice for issuing contemporary EoI was taken throughout the committee of collectors (CoC) assembly held lately.

Final week, the CoC had met to debate the best way ahead for the airline. It was the 11th assembly of the CoC.

In March this yr, the Nationwide Firm Regulation Tribunal (NCLT) had allowed 90 days’ extension for the company insolvency decision technique of the airline.

This got here after the airline’s decision skilled had filed an software in NCLT looking for 90 days’ extension for the insolvency course of after it failed to draw any bidder.

The CoC on February 18, had set a brand new deadline of March 10 for submission of bids for the grounded airline after South American conglomerate Synergy Group and New Delhi-based Prudent ARC failed to satisfy the earlier deadline.

Later, Synergy Group backed out of the bidding course of over slot points. The March 10 deadline was set after Russia’s Far East Asia Growth Fund additionally evinced curiosity in Jet Airways.

The cash-strapped airline, which was grounded in April 2019, owes greater than Rs 8,000 crore to banks, with public sector lenders having important publicity.

The NCLT on June 20, 2019, admitted the insolvency petition filed by the lenders’ consortium led by State Financial institution of India towards Jet Airways. The chapter courtroom had appointed Ashish Chhawchharia as RP.

Jet Airways has liabilities over Rs 26,000 crore, which embody over Rs 10,000 crore of vendor dues, Rs 8,500 crore together with curiosity owed to the lenders, over Rs 3,000 crore in wage dues, and over Rs 13,500 crore in accrued losses over the previous few years. 

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