Wednesday, May 13, 2020

Jet Airways’ insolvency resolution professional seeks fresh EoI for defunct airline

Jet Airways’ insolvency resolution professional on Wednesday invited fresh expressions of interest (EoI) for the grounded airline.
This is the fourth time that EoI has been invited for Jet Airways, which was shuttered last year.
The interested parties can submit EoI by May 28, while the final list of eligible prospective resolution applicants (PRAs) will be given to the lenders’ committee on June 10, as per the EoI document.
“A process to invite resolution was initiated on July 20, 2019. However, based on a decision taken by Committee of Creditors (CoC), a fourth round for inviting EoI for submission of resolution plan has been initiated,” said the document.
The interested parties can submit EoI by May 28, while the final list of eligible prospective resolution applicants (PRAs) will be given to the lenders’ committee on June 10, as per the EoI document.
“A process to invite resolution was initiated on July 20, 2019. However, based on a decision taken by Committee of Creditors (CoC), a fourth round for inviting EoI for submission of resolution plan has been initiated,” said the document.
The decision for issuing fresh EoI was taken during the CoC meeting held recently.
It said a PRA can be strategic investors (SIs) and/or financial investors (FIs).
“The EoI and all its contents will be evaluated by the resolution professional (RP), on behalf of the CoC of the corporate debtor (Jet Airways) to determine our eligibility to submit a resolution plan,” the document stated.
The last date for submission of a resolution plan by the eligible PRAs for the defunct airlines is July 11, as per the document.
As per the document the RP — Ashish Chhawchharia, and the CoC reserve the right to withdraw the invitation for EoI and change or vary any part thereof at any stage and also reserve the right to disqualify any potential bidder, without assigning any reason and without incurring any liability, should it be so necessary at any stage.
13/05/20 PTI/Financial Express

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