Tuesday, October 15, 2019

Jet Airways resolution gets new lifeline: Synergy gets more time to finalise plan

Mumbai: The committee of creditors of Jet Airways on Monday decided to give the Synergy Group, the only entity interested in buying the beleaguered airline, time till November 15 to finalise a resolution plan. The Colombian group is understood to have held discussions with the Bird Group for investment into the ailing airline, sources told FE. Bird provides aviation management and other services in India and abroad.
With the additional time given to Synergy, the resolution will likely be pushed to December, sources close to the proceedings said.

Ravi Deol, the UK-based entrepreneur who was the first CEO of the coffee chain Barista Lavassa, is also understood to have held discussions with German Efromovich, owner of the Synergy Group, sources told FE.

According to the earlier timeline set out by Jet’s resolution professional (RP), Ashish Chhawchharia, interested parties were expected to submit a resolution plan latest by October 14. The final resolution plan was expected to be put before the National Company Law Tribunal (NCLT) for its approval on October 28.

“The Synergy Group is still doing due diligence. They had a video conference call with Jet’s management on Monday to understand which all routes they can begin operations from once the airline is revived. Lenders are hopeful, so some more time has been given,” the person told FE. The Directorate General of Civil Aviation (DGCA) has given time till mid-January for Jet Airways to file slot request for the summer season, the source added.
15/10/19 Financial Express

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