Thursday, July 11, 2019

Etihad wants to participate in Jet Airways’ insolvency process

Etihad Airways has approached lenders on revival of Jet Airways, weeks after the National Company Law Tribunal (NCLT) approved the corporate insolvency resolution process (CIRP) against the now-defunct airline.

The Abu Dhabi-based airline is learnt to have expressed its intent to participate in Jet’s resolution process, a source aware of the development said.

Meanwhile, lenders asked Etihad to look for a majority Indian partner and make a formal bid that will be finally vetted and approved by the NCLT.

The Hinduja Group is understood to be in talks with Etihad to prepare a formal bid for Jet Airways.

Sources aware of the developments further denied lenders have received any offer from the Tatas yet on purchasing assets of Jet after the airline went to NCLT.

Media reports have suggested that the Tata Group has plans to bid for some assets after the grounded airline was admitted for bankruptcy resolution.

NCLT on 20 June admitted State Bank of India’s plea to initiate insolvency proceedings against Jet, and sources suggest the committee of creditors (CoC) is expected to be constituted by July 16.
11/07/19  Mitali Salian/Financial Express

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