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Friday, 26 June, 2020, 11 : 41 AM [IST]

Four potential bidders shortlisted by Jet Airways

The resolution professional to crisis-hit Jet Airways has finalised four consortia of potential bidders who may submit a bid proposal after due diligence, according to two people aware of the matter, reports Gopika Gopakumar in Mint.

The resolution professional, Ashish Chhawchharia, has signed a non-disclosure agreement with these suitors and has given them access to the airline’s financial data.

The four consortia include the UK’s Kalrock Capital Partners along with Dubai-based Murari Lal Jalan, Abu Dhabi-based Imperial Capital Investments Llc along with Haryana based Flight Simulation Technique Centre Pvt. Ltd and Mumbai-based Big Charter Pvt. Ltd, Canada-based entrepreneur Sivakumar Rasiah, and Kolkata’s Alpha Airways.

The bidders have been given two weeks to review the financial health of the company and firm up their bids.

This is the fourth attempt by the resolution professional to find a suitor to revive the ailing airline.

Previously, South American conglomerate Synergy Group and New Delhi-based Prudent ARC were given time to submit a resolution plan but failed to meet the deadline.

Jet Airways was grounded on 18 April 2019 because of an acute fund crunch. On 20 June 2019, the Mumbai bench of the National Company Law Tribunal (NCLT) admitted Jet under the Insolvency and Bankruptcy Code after lenders referred it to the bankruptcy tribunal.

The cash-strapped airline owes more than ?8,000 crore to banks led by State Bank of India.

The resolution process for Jet Airways has been extended multiple times since the airline was admitted for insolvency resolution.

The latest deadline for completing Jet Airways’ insolvency resolution was recently extended to 21 August because of the lockdown put in place to contain the spread of covid-19. In March, NCLT had allowed 90 days’ extension for the corporate insolvency resolution process of the airline.

The grounded airline recently offered two of its Boeing 777 wide-body aircraft for evacuating Indians stranded abroad under the Vande Bharat Mission. Jet Airways could supply up to four aircraft for evacuation missions within a reasonable period of time, Chhawchharia wrote to corporate affairs secretary Injeti Srinivas, Mint had reported.

 
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