The committee of Jet Airways creditors has granted Synergy Aerospace an extension until November 15, 2019, to submit a formal bid for the acquisition of the defunct airline, The Financial Express has reported.
While the original deadline passed on October 14, the South American holding is reportedly still conducting due diligence and is not ready to formalise its interest in Jet Airways. With Synergy being the only potential investor, the creditors effectively faced a choice between either extending the deadline or accepting the airline's demise.
The Resolution Professionals had until October 28, 2019, to present their final plan for Jet Airways to the National Company Law Tribunal (NCLT). This deadline is now likely to be extended through December.
Synergy Aerospace, an investment vehicle for German Efromovich which controls a 51.5% stake in Avianca Holdings, is now reportedly in talks with Indian travel services holding Bird Group. Under the current Indian law, Synergy itself would not be able to take majority control of Jet Airways due to the cap on foreign investment in airlines.
Ravi Deol, a UK-based businessman who set up India's oldest coffee shop chain Barista, is also understood to be involved in the talks.
17/10/19 ch-aviation
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While the original deadline passed on October 14, the South American holding is reportedly still conducting due diligence and is not ready to formalise its interest in Jet Airways. With Synergy being the only potential investor, the creditors effectively faced a choice between either extending the deadline or accepting the airline's demise.
The Resolution Professionals had until October 28, 2019, to present their final plan for Jet Airways to the National Company Law Tribunal (NCLT). This deadline is now likely to be extended through December.
Synergy Aerospace, an investment vehicle for German Efromovich which controls a 51.5% stake in Avianca Holdings, is now reportedly in talks with Indian travel services holding Bird Group. Under the current Indian law, Synergy itself would not be able to take majority control of Jet Airways due to the cap on foreign investment in airlines.
Ravi Deol, a UK-based businessman who set up India's oldest coffee shop chain Barista, is also understood to be involved in the talks.
17/10/19 ch-aviation
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