Two shortlisted bidders of Jet Airways submit final resolution plans, e-voting to conclude this week

October 6, 2020 12:15 AM

The two bidders are a consortium comprising Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments, and another comprising Kalrock Capital and entrepreneur Murari Lal Jalan.

jet airways, bankruptcy, resolution plan, aviation sectorJet Airways’ lenders accepted the plans submitted by Murari Lal Jalan and Florian Fritsch.

By Ankur Mishra

Lenders to the beleaguered Jet Airways have started voting on the final resolution plans submitted by two shortlisted bidders, bankers close to development told FE. The e-voting is expected to be completed this week. The committee of creditors (CoC) had met on October 3 to discuss the resolution plans.

The two bidders are a consortium comprising Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments, and another comprising Kalrock Capital and entrepreneur Murari Lal Jalan.

Jet Airways had earlier attracted 12 expressions of interest (EoIs) from bidders, which were narrowed down to two prospective suitors. One of the two had sought more time to revise the bid upwards, and lenders had agreed to give more time for both consortiums to submit revised bids.

The deadline for completing the Jet Airways insolvency resolution process was earlier extended beyond August 21 due to the Covid-19 outbreak.

No fresh deadline has been announced by the resolution professional yet due to pandemic-related uncertainties.
The defunct aviation company has admitted claims of Rs 7,460 crore from financial creditors. The lead creditor, State Bank of India, has the highest admitted claims of Rs 1,636 crore, followed by Rs 1,084 crore from Yes Bank, Rs 754 crore from Punjab National Bank and Rs 594 crore from IDBI Bank, among others.

The total amount claimed by creditors has crossed Rs 40,000 crore. As of September 25, the total claims were at Rs 40,259 crore, out of which the company has admitted claims worth Rs 15,525 crore. The National Company Law Tribunal had admitted Jet Airways for insolvency proceedings on June 20, 2019.

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