Jet Airways crisis: Fresh expressions of interest invited for defunct airline

Mumbai: Jet Airways insolvency decision skilled on Wednesday invited contemporary expressions of interest (EoI) for the grounded airline. This is the fourth time that EoI has been invited for Jet Airways, which was shuttered final 12 months.

The final date for submission of bid paperwork is May 28 and the ultimate record of potential decision candidates might be issued on June 10, as per a public doc. The determination for issuing contemporary EoI was taken through the committee of collectors (CoC) assembly held lately.

Last week, the CoC had met to debate the best way ahead for the airline. It was the 11th assembly of the CoC.

In March this 12 months, the National Company Law Tribunal (NCLT) had allowed 90 days’ extension for the company insolvency decision course of of the airline.

This got here after the airline’s decision skilled had filed an utility in NCLT looking for 90 days’ extension for the insolvency course of after it failed to draw any bidder.

The CoC on February 18, had set a brand new deadline of March 10 for submission of bids for the grounded airline after South American conglomerate Synergy Group and New Delhi-based Prudent ARC failed to fulfill the earlier deadline.

Later, Synergy Group backed out of the bidding course of over slot points. The March 10 deadline was set after Russia’s Far East Asia Development Fund additionally evinced interest in Jet Airways.

The cash-strapped airline, which was grounded in April 2019, owes greater than Rs 8,000 crore to banks, with public sector lenders having vital publicity.

The NCLT on June 20, 2019, admitted the insolvency petition filed by the lenders’ consortium led by State Bank of India towards Jet Airways. The chapter court docket had appointed Ashish Chhawchharia as RP.

Jet Airways has liabilities over Rs 26,000 crore, which embody over Rs 10,000 crore of vendor dues, Rs 8,500 crore together with interest owed to the lenders, over Rs 3,000 crore in wage dues, and over Rs 13,500 crore in amassed losses over the previous few years. 

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