Its over year since Jet Airways suspended operations but the lenders have decided to make another attempt to get a new buyer. The Committee of Creditors (CoC) of Jet Airways is set to invite fresh Expression of Interest (EoI) for the airline. The lenders at a meeting on Wednesday have decided to relax the networth requirement for prospective bidders.

According to sources, during the e-meeting with the CoC, the Resolution Professional proposed a fresh round of EoI. “The CoC has in-principle agreed to invite fresh bids as the players who had submitted their bids earlier round failed to submit a resolution plan prior to the deadline.”

Prudent ARC; a consortium of Enso Group and Russia-based Far East Development Fund; and South American Conglomerate Synergy group, were in the race to bid for the debt-strapped Jet. But none of them submitted a financial bid.

Speaking to BusinessLine , Prudent ARC’s, Chairman & Managing Director, Pradeep Goel, said, “We are not filing resolution plan for Jet. I don’t see it as a good time for the airline industry in the short and medium-term. Sustainability is going to be an issue for the next few years. In the absence of separate stimulus of the combination of funds and other benefits, I don’t see the passenger airline sector picking up.”

During CoC meeting, it was decided that the potential bidders will get 15 days to submit a potential bid. “The threshold networth will be reduced below ₹1,000 crore,” a source said without saying what the new networth requirement will be.

On March 15, the lenders were given 90 more days to find a buyer under the NCLT-led insolvency process. Last month, the Insolvency & Bankruptcy Board of India had said the lockdown period will not be counted in the timeline set to finalise resolution plans for stressed companies under the insolvency process. This means that Jet lenders have more time to find a new owner.

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