Jet Air creditors extend deadline for bids to July 21

Forum Gandhi Mumbai | Updated on July 09, 2020 Published on July 09, 2020

A file photo of Jet Airways aircraft at the Chhatrapati Shivaji Maharaj International Airport in Mumbai   -  REUTERS

Jet Airways’ Committee of Creditors (CoC) has extended the deadline to submit a resolution plan to July 21.

Last month. four entities had submitted an expression of interest to acquire a stake in the airline. The earlier date to submit a bid for the debt-strapped airline was July 11.

Sources close to the development said the lenders allowed more time because the ongoing lockdown has impacted the bidders’ travel plans for doing the due diligence of Jet’s assets. One of the bidders has submitted a letter seeking an extension to submit a resolution plan for the airline.

UK-based Financial Advisory firm, Kalrock Capital has submitted an EOI along with Murari Lal Jalan, a UAE-based entrepreneur. A consortium of Haryana-based Flight Simulation Technique Centre Pvt Ltd (FSTCPL) and Mumbai-based Big Charter Pvt Ltd (BCPL), Abu Dhabi-based Imperial Capital Investments LLC (ICIL) are also in the fray.

Canadian entrepreneur Sivakumar Rasiah and Kolkatta-based Alpha Airways had also been shortlisted. However, Alpha Airways has backed out, according to sources.

One of potential bidders told BusinessLine that a lot of data related to Jet Airways has been made available online, submitting a financial bid requires more time and physical verification of the assets.

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Published on July 09, 2020
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