Synergy Group resubmits EoI for stake in Jet Airways

Forum Gandhi | | Updated on: Jan 06, 2020
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South American Conglomerate Synergy Group on Sunday had submitted an Expression of Interest again for a stake in Jet Airways. The company had earlier also submitted its interest but lenders decided to go for a fresh round of EOI after some other companies showed interest.

Besides Synergy, Hyderabad-based Turbo Aviation, Dubai-based fund and Hinduja Group are in the race for a stake in the grounded carrier.

However, there is no clarity at the moment whether the three companies are likely to submit their EoI or not.

Earlier this week Ashish Chhawchharia, the appointed Resolution Professional (RP) for debt-strapped Jet had proposed to the Committee of Creditors (CoC) to extend the deadline of submission of EoI from January 6 to16.

In November last year, the Corporate Insolvency Resolution Process was extended by 90 days after the deadline of 180-day was over.

Prior to that Synergy had emerged as the sole potential bidder for Jet Airways. A representative on behalf of Synergy had met the Insolvency court and informed that they were interested in Jet however, Synergy needed clarity on Jet's slots.

The bench had told the representative that the aviation authorities and the government would definitely look at reallocating erstwhile slots of Jet Airways. The bench had requested Synergy to place a formal bid and resolution plan along with depositing mandatory fees.

While there was no formal bid placed before the deadline, Synergy had presented a potential plan for the airline's turnaround. The details of the bid are awaited.

Published on January 06, 2020

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