UK-based Hinduja Group did not submit its interest for Jet Airways Ltd by the Wednesday deadline, a lender that is part of the airline’s committee of creditors told VCCircle, locking shares of the airline in the lower circuit band of 5% at Rs 47.75 on the BSE on Thursday.
On the brighter side, South America-based Synergy Group and New Delhi-headquartered asset reconstruction company Prudent ARC Ltd have put in their expressions of interest, the lender said.
Now, the binding bids have to be submitted by February 15.
In December, the committee of creditors called for a fresh round of expressions of interest, the decision coming after the National Company Law Tribunal (NCLT) approved extending the period for Jet’s insolvency resolution by 90 days.
The NCLT had also directed the creditors to expedite their decision on seeking fresh bids after two new undisclosed investors had shown interest in the grounded airline. By then, Synergy Group was the sole known potential bidder for Jet.
A senior executive at State Bank of India, leader of the 26-member banks’ consortium to Jet, is not too optimistic of the resolution plans so far. “We are yet to see the financial capability and strength of Prudent ARC and Synergy Group,” the person said.
16/01/20 Beena Parmar/VCCircle
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On the brighter side, South America-based Synergy Group and New Delhi-headquartered asset reconstruction company Prudent ARC Ltd have put in their expressions of interest, the lender said.
Now, the binding bids have to be submitted by February 15.
In December, the committee of creditors called for a fresh round of expressions of interest, the decision coming after the National Company Law Tribunal (NCLT) approved extending the period for Jet’s insolvency resolution by 90 days.
The NCLT had also directed the creditors to expedite their decision on seeking fresh bids after two new undisclosed investors had shown interest in the grounded airline. By then, Synergy Group was the sole known potential bidder for Jet.
A senior executive at State Bank of India, leader of the 26-member banks’ consortium to Jet, is not too optimistic of the resolution plans so far. “We are yet to see the financial capability and strength of Prudent ARC and Synergy Group,” the person said.
16/01/20 Beena Parmar/VCCircle
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