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Jet Airways Lenders Prone to Invite Recent Bids, Say Sources

Jet Airways employees sit at the front desk at its headquarters in Mumbai. (Image: Reuters)
Jet Airways employees sit at the front desk at its headquarters in Mumbai. (Image: Reuters)

Jet Airways staff sit on the entrance desk at its headquarters in Mumbai. (Picture: Reuters)

The committee of collectors (CoC) of Jet Airways is more likely to come out with a revised EoI for the stake sale within the defunct airline on Wednesday, stated a supply.

  • PTI Mumbai
  • Final Up to date: Might 12, 2020, 11:54 PM IST

Jet Airways lenders’ have determined to ask contemporary expression of curiosity (EoI) for promoting a stake within the bankrupt airline, sources stated on Tuesday.

The committee of collectors (CoC) of Jet Airways is more likely to come out with a revised EoI for the stake sale within the defunct airline on Wednesday, stated a supply.

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

“The committee of collectors has given its approval to the decision skilled (RP) to drift a contemporary EoI for stake sale within the grounded Jet Airways. The RP is more likely to situation the bid doc on Wednesday,” a supply aware of info advised PTI.

The final date for submission of bid is more likely to be Might 27, stated one other supply.

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

This got here after the airline’s decision skilled had filed an utility 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 fulfill 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 vital publicity.

The NCLT on June 20, 2019, admitted the insolvency petition filed by the lenders’ consortium led by State Financial institution of India in opposition to Jet Airways.

The chapter courtroom had appointed Ashish Chhawchharia as RP.

Jet Airways has liabilities over Rs 26,000 crore, which embrace 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 gathered losses over the previous few years.

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