Wednesday, January 08, 2020

Jet Airways receives two expressions of interest

Jet Airways has received two Expressions of Interest (EoI), Ashish Chhawchharia, the Resolution Professional appointed for the debt-strapped airline informed the Mumbai bench of NCLT during a hearing on Wednesday.

The RP also informed the insolvency tribunal that two more EoIs are expected ahead of the January 15 deadline.

BusinessLine had reported that South American conglomerate, Synergy Group, had submitted its EoI on Sunday. The company had submitted an EoI earlier, but lenders decided to go for a fresh round of EoI after some other companies showed interest.

While there is no confirmation so far on the other bidders, Hinduja Group, Turbo Aviation and a Dubai-based fund have emerged as interested parties.

During the hearing, the RP told the court that the second EoI had come from a high networth, non-aviation company.

In November 2019, the insolvency court had directed the Committee of Creditors (CoC) to release their share of the interim funding for the Corporate Insolvency Resolution Process (CIRP).

The RP told the court that the CoC had not released its share so far. The court has directed the CoC to release funds immediately in order to avoid contempt.
08/01/20 Business Line

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