Jet Airways: Russian fund, Volcan on eligible buyers shortlist

Updated: August 21, 2019 7:01:16 AM

“Prima facie RA Creator was eligible as a resolution applicant, we have sought some more information. Parties that sign the NDA will get access to the data room, and the process can be taken forward,” the source said.

Jet Airways, emergency funding, insolvency, industry news, Jet Airways newsJet Airways was grounded on April 17 after lenders refused to extend emergency funding to continue operations. The airline was admitted for insolvency proceedings on June 20.

By Anwesha Ganguly

Russian Fund RA Creator has been provisionally shortlisted as an eligible resolution applicant for Jet Airways. The resolution professional (RP) for the grounded airline has sought additional information from the Russian fund and sent across a non-disclosure agreement (NDA) to give access to Jet’s financial details, sources told FE.

“Prima facie RA Creator was eligible as a resolution applicant, we have sought some more information. Parties that sign the NDA will get access to the data room, and the process can be taken forward,” the source said.

Despite Vedanta Group founder Anil Agarwal’s backing out of the resolution process, the RP also shortlisted Volcan Investments, the family-owned trust through which Agarwal had submitted his expression of interest (EoI) earlier this month.

A spokesperson for Agarwal said the EoI was simply exploratory and his position on Jet remains unchanged. The Panama-based entity, Avantulo Group, has not been shortlisted, sources said. The committee of creditors for Jet Airways will soon hold a meeting to discuss the way forward. According to the revised timeline for the resolution of Jet Airways, the final list of eligible resolution applicants is expected to be issued on August 21.

Jet Airways was grounded on April 17 after lenders refused to extend emergency funding to continue operations. The airline was admitted for insolvency proceedings on June 20.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.