Logistics

Voting on bids for Jet extended by a day

Forum Gandhi Mumbai | Updated on October 17, 2020 Published on October 17, 2020

The voting to pick the new owners of Jet Airways has been extended by one more day after some banks sought more time to decide on the winning bid.

“Lenders have asked for an extension till October 17 to choose the new owner of Jet Airways,” said Ashish Chhawcharia, the resolution professional appointed to overlook the corporate insolvency resolution process (CIRP) of the debt-strapped airline.

 

The Committee of Creditors had time till Friday to vote on the bids submitted by the consortium, comprising financial advisory firm Kalrock Capital and Murari Lal Jalan, a UAE-based entrepreneur; another consortium of Flight Simulation Technique Centre Pvt Ltd, Big Charter Pvt Ltd, along with Imperial Capital Investments LLC (ICIL), had also placed a financial bid.

Lenders to the airline began the voting process in the last week of September. According to a source close to the development, the voting lines were extended because “quite a few banks are yet to vote.” However, the person added that there won't be an extension beyond Saturday as the last date to finalise a plan has been set at October 22 by the National Company Law Tribunal.

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Published on October 17, 2020
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