Friday, June 28, 2019

Jet Airways NCLT update: Employee consortium joins hands with AdiGro Aviation to bid for 75% stake

Jet Airways employee consortium has joined hands with AdiGroup to bid for 75 percent in the airline through the NCLT process.

“We are delighted that AdiGroup stepped up to partner with us in this challenging yet exciting journey to revive Jet Airways,” said Capt. Ashwani Tyagi of Jet Airways Employee Consortium.

The Mumbai bench of the tribunal had on June 20 admitted the insolvency petition of State Bank of India (SBI) to sell Jet Airways. This followed a meeting of all lenders, 27 of them, on June 17, and it was decided to pursue insolvency proceedings under the Insolvency & Bankruptcy Code (IBC).

The two associations are The Society for Welfare of Indian Pilots (SWIP) and Jet Airways Aircraft Maintenance Engineers' Association (JAMEWA).

NCLT directed the IRP to submit fortnightly progress reports on the case, with the first such report to be submitted before July 5.

A part of the London-based AdiGroup, AdiGro Aviation earlier offered to invest Rs 2,500 crore for 24.9 percent stake in Jet Airways, as a part of the talks that involved Etihad Airways and Hinduja Group to revive the Indian airline.

But the talks later broke down, and the lenders approached the insolvency courts.
28/06/19 Prince Mathews Thomas/moneycontrol.com

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