Tuesday, September 29, 2020

Jet Airways’ bidders told to submit revised offers

New Delhi: The Committee of Creditors (CoC) of Jet Airways (India) Limited has given the airline’s bidders to come up with a revised offer in the next couple of days, said a person aware with the development. The State Bank of India-led CoC  had held a meeting Monday to decide on the bids for the airline. The grounded and insolvent airline has received bids from two consortiums— UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan, and a consortium of Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments LLC. 

According to the person aware of the latest development, the bidders are asked to change the offers over the next five days as the CoC expects them to come with improved offers. The winning bid will require at least 66 per cent of the lenders’ votes.  Jet was grounded in April 2019 owing to lack of liquidity after it failed to raise funds from its lender. It was then admitted to the National Company Law Tribunal (NCLT) in June 2019. 

Since then, its CoC, met 16 times, but a deal with a potential buyer is yet to be reached.Financial creditors to Jet Airways have filed Rs  8,232 crore worth of claims, while operational creditors owed more than Rs  7,300 crore. Jet had earlier attracted around a dozen expression of interests (EoIs) from suitors, which later narrowed down to just two. The deadline for completing the insolvency resolution process was earlier extended beyond August 21 due to Covid-19 uncertainty. 

29/09/20 New Indian Express

To Read the News in full at Source, Click the Headline


Post a Comment