Tuesday, October 06, 2020

Two shortlisted bidders of Jet Airways submit final resolution plans, e-voting to conclude this week

Lenders to the beleaguered Jet Airways have started voting on the final resolution plans submitted by two shortlisted bidders, bankers close to development told FE. The e-voting is expected to be completed this week. The committee of creditors (CoC) had met on October 3 to discuss the resolution plans.

The two bidders are a consortium comprising Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments, and another comprising Kalrock Capital and entrepreneur Murari Lal Jalan.

Jet Airways had earlier attracted 12 expressions of interest (EoIs) from bidders, which were narrowed down to two prospective suitors. One of the two had sought more time to revise the bid upwards, and lenders had agreed to give more time for both consortiums to submit revised bids.

The deadline for completing the Jet Airways insolvency resolution process was earlier extended beyond August 21 due to the Covid-19 outbreak.

No fresh deadline has been announced by the resolution professional yet due to pandemic-related uncertainties.

The defunct aviation company has admitted claims of Rs 7,460 crore from financial creditors. The lead creditor, State Bank of India, has the highest admitted claims of Rs 1,636 crore, followed by Rs 1,084 crore from Yes Bank, Rs 754 crore from Punjab National Bank and Rs 594 crore from IDBI Bank, among others.

06/10/20 Ankur Mishra/Financial Express

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