Tuesday, March 10, 2020

No takers for Naresh Goyal-promoted Jet Airways airline still

Jet Airways’ downfall has left over 22,000 employees without jobs Third round of inviting investment proposals ended on Monday.
 As an already-flailing aviation industry grapples with the sever threat of coronavirus, Naresh Goyalpromoted Jet Airways that went bust last April is yet to find any takers. The third round of inviting investment proposals has ended and no Expression of Interest (EOI) was received.
 The Committee of Creditors have now scheduled a meeting on Thursday to decide on the next step. The deadline for submitting an EOI for Jet ended on Monday and the resolution professional did not receive applications from either of the two interested parties –Prudent PRC and Russia-based Far East Development Fund – both of whom were reported to be in the fray.
 Hinting at imminent signs of trouble, Vishesh Chandiok, CEO, Grant Thornton, had tweeted on Saturday: “I’m sorry to report but I fear we are very near the end of the road for Jet Airways – the proverbial ‘chicken or egg’ is what killed the airline – my apologies to all the employees in particular that we @GrantThornton couldn’t do better for you (sic).”
 The National Company Law Tribunal had appointed Ashish Chhawchhariya from Grant Thornton as the resolution professional in the Jet Airways insolvency process. This has left over 4,500 Jet employees who are still working with the company disheartened. On June 20 last year, the airline was declared bankrupt by the tribunal leaving over 22,000 employees in the lurch. Reports stated that the Russian investment firm was discouraged by the Indian government against investing in Jet. They were pitched the beleaguered national carrier Air India instead.
10/03/20 Satish Nadagaonkar/Mumbai Mirror
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