Mumbai: The Colombian Synergy Group, the sole entity interested in Jet Airways, has sought time till November 30 to complete its due diligence and put in a formal bid for the grounded airline, sources said.
The committee of creditors (CoC) for Jet Airways may give the group time till the end of October. The resolution of the airline will consequently get delayed further.
“The Synergy Group has not yet found an Indian partner. They are also taking time to complete due diligence and prepare a business plan. They have sought time till November 30, but that is not feasible since the plan needs to be in place in time for the government to allot slots for the summer schedule,” a person involved in the discussions said.
The summer season schedule starts from the last Sunday of March. The Directorate General of Civil Aviation (DGCA) typically expects airlines to file slot requests for the summer season by mid-October. According to the earlier timeline set out by the resolution professional (RP), 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 RP legal counsel on Wednesday informed the NCLT that the Synergy Group has been given access to all of Jet’s financials and due diligence is ongoing. “No (resolution) plan has been submitted yet,” the RP told the tribunal. The RP on Wednesday submitted the sixth report on the progress of the resolution process of the airline to the tribunal.
10/09/19 Anwesha Ganguly/Financial Express
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The committee of creditors (CoC) for Jet Airways may give the group time till the end of October. The resolution of the airline will consequently get delayed further.
“The Synergy Group has not yet found an Indian partner. They are also taking time to complete due diligence and prepare a business plan. They have sought time till November 30, but that is not feasible since the plan needs to be in place in time for the government to allot slots for the summer schedule,” a person involved in the discussions said.
The summer season schedule starts from the last Sunday of March. The Directorate General of Civil Aviation (DGCA) typically expects airlines to file slot requests for the summer season by mid-October. According to the earlier timeline set out by the resolution professional (RP), 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 RP legal counsel on Wednesday informed the NCLT that the Synergy Group has been given access to all of Jet’s financials and due diligence is ongoing. “No (resolution) plan has been submitted yet,” the RP told the tribunal. The RP on Wednesday submitted the sixth report on the progress of the resolution process of the airline to the tribunal.
10/09/19 Anwesha Ganguly/Financial Express
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