Friday, August 23, 2019

RP of Jet Airways wants NCLT to ask lenders for interim financing

Mumbai: The resolution professional (RP) of the defunct Jet Airways has sought the National Company Law Tribunal's (NCLT's) intervention to ease the process of acquiring interim financing from the committee of creditors (CoC). The RP asked the tribunal to direct the CoC to release the interim financing that was agreed upon in the first CoC meeting of the airline.
In the first CoC meeting, lenders had considered extending a $10-million (about Rs 70-crore) loan to Jet. Since the funds were not released, the RP is seeking financing for maintenance of the assets of the airline.
On Friday, the RP apprised the NCLT on the status of the expression of interest (EoI) for the airline. So far, the RP has received two EoIs, one from RA Creator, a Russian company, and the other one from Panama-based Avantulo Group.

The RP also apprised the tribunal that an EoI, from Anil Agarwal's Volcan Investments, was withdrawn. However, the final list of resolution applicants, which was supposed to be issued on August 21, has been delayed.
23/08/19 Subrata Panda/Business Standard
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