Monday, September 28, 2020

Jet Airways lenders to meet today. May vote on two final bids

The Committee of Creditors of Jet Airways will meet on September 28, in what everyone hopes will be the lenders' final gathering to select the next owner of the airline that was grounded in April 2019.

The anticipation has been building up since the past fortnight when it came to light that the resolution professional overseeing the insolvency process has asked the two suitors to make final revisions in their proposals.

The airline had received bids from two suitors, both consortiums, on July 21. The first consortium was of Flight Simulation Technique Centre Pvt Ltd, Big Charter Pvt Ltd, and Imperial Capital Investments LLC. Both FSTC and Big Charter are led by aviator-turned-entrepreneur Sanjay Mandavia. Imperial Capital is an investment banking and wealth management company based in Dubai.

The second bid was from the consortium of London-based financial services firm Kalrock Capital and entrepreneur Murari Lal Jalan.

If the buzz is to believed, the consortium led by Kalrock Capital may just have its nose ahead. But surely, in an insolvency race that has seen many ups and downs, including multiple extensions of deadlines, one can never say for sure.

"One doesn't know if the final decision will come on Monday itself. But for sure, the lenders want to close the case at the earliest," said a senior executive.

28/09/20 Prince Mathews Thomas/

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