News

Synergy Group, Prudent ARC submit Expressions of Interest for Jet Airways

Forum Gandhi Mumbai | Updated on January 16, 2020 Published on January 15, 2020

South American conglomerate Synergy Group and Delhi-based Prudent ARC are understood to have submitted expressions of interest (EoIs) to acquire Jet Airways. Now, all eyes will be on the February 8 deadline for the two potential bidders to present their formal resolution plans for the beleaguered airline.

The Hinduja Group, which was reported to be interested, has not submitted an EoI. Today (Thursday) was the last day for the submission of EoIs. “Hinduja wasn’t interested in placing a bid for the airline. It was a rumour,” said a source.

The stock prices of Jet Airways have been rallying for the past three days.

The airline’s Resolution Professional (RP) was unavailable to comment on the bids. As on October 20, total claims against Jet stood at ₹36,090 crore, of which the RP has so far admitted over ₹14,640 crore.

The airline temporarily shut operations on April 17. Insolvency proceedings against Jet were initiated on June 20. The 180-day resolution deadline as mandated under the Insolvency and Bankruptcy Code, 2016 (IBC) ended on December 16, after which a 90-day extension of the timeline was permitted under IBC.

Published on January 15, 2020
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.