Friday, July 10, 2020

Jet Airways lenders extend bid deadline once again

Lenders to Jet Airways (India) Ltd have yet again extended the deadline to bid for the bankrupt carrier.
The airline’s Committee of Creditors has now set a deadline of July 21 for bidders to submit a resolution plan. The earlier date was July 11.
The extension is to facilitate more time for due diligence, physical verification and documentation process for the potential bidders amid the lockdown due to the coronavirus pandemic, said a person privy to the development.
Jet Airways, once India’s largest private airline, has been going through an insolvency resolution process for more than a year. On March 12, Jet’s lenders sought two more months for insolvency resolution. Subsequently, the National Company Tribunal extended the time to find a buyer for Jet by 90 days until June.
Last month, four entities were shortlisted from those who submitted an expression of interest to acquire the airline.
The four lesser-known bidders included the UK-based financial advisory firm Kalrock Capital, which submitted an expression of interest with Murari Lal Jalan; Canadian entrepreneur Siva Rasiah and Kolkata-based Alpha Airways.
10/07/20 Beena Parmar/VCCircle
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