Thursday, August 22, 2019

Jet Airways' insolvency saga: Final list of prospective applicants delayed

The final list of prospective resolution applicants in the Jet Airways' insolvency process has been delayed. The list was to be issued on August 21.

While sources said the two bidders -- RA Creator and Avantulo Group -- have been asked to furnish additional information, the delay has added to the apprehension about Jet Airways' revival.
The two bidders are an unknown entity in the aviation business. Anil Agarwal's Volcan Investments had backed out of the process, just a day after submitting its expression of interest (EoI).

Meanwhile, resolution professional Ashish Chhawchharia has received further claims from creditors -- both financial and operations creditors. The claims now amount to Rs 30,588 crore, of which Rs 12,500 crore have been admitted.
The first list of claims amounted to Rs 24,887 crore, but only a third of it was admitted.

The admitted claim may further increase as Chhawchharia is still verifying claims worth over Rs 6,000 crore.

But with the insolvency process attracting few suitors, industry observers doubt how much money the creditors can recover.
22/08/19 Prince Mathews Thomas/Moneycontrol.com

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