Two shortlisted bidders submit a revised plan for Jet Airways

September 4, 2020 4:30 AM

Last week, Jet Airways had re-acquired six of its Boeing 777 from lessor Fleet Ireland as per sources. The defunct airline has paid $13 million to take ownership of the six aircraft, which were impounded due to unpaid fees.

The second bidder is a consortium of Kalrock Capital and entrepreneur Murari Lal Jalan.The second bidder is a consortium of Kalrock Capital and entrepreneur Murari Lal Jalan.

By Ankur Mishra

Two bidders have submitted a ‘revised’ resolution plan for Jet Airways, sources close to development told FE. The next meeting of the committee of creditors (CoC) likely to be held this month will take a call on the resolution plans submitted by the two bidders.

The first consortium, which has submitted the proposal, comprises Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments.

The second bidder is a consortium of Kalrock Capital and entrepreneur Murari Lal Jalan.

As on July, 2020, Jet Airways has admitted claims of Rs 7,807 crore from financial creditors. The lead creditor State Bank of India (SBI) has the highest admitted claims of Rs 1,636 crore, followed by Rs 1,084 crore from Yes Bank, Rs 956 crore from Punjab National Bank (PNB) and Rs 594 crore from IDBI Bank, among others.

“We will take a call on revised bids in the next committee of creditors (CoC) meeting,” a senior bank official said. Lenders are expecting CoC meeting to be called this month.“We have been trying our best to find a resolution for the airline and avoid liquidation,” he further said.

An email query sent to resolution professional (RP) of Jet Airways Ashish Chhawchharia remained unanswered till the time of filing of this copy.

Last week, Jet Airways had re-acquired six of its Boeing 777 from lessor Fleet Ireland as per sources. The defunct airline has paid $13 million to take ownership of the six aircraft, which were impounded due to unpaid fees.

Jet Airways had earlier attracted 12 expression of interests (EoIs) from suitors, which was further narrowed down to two prospective applicants. The deadline for completion of Jet Airways insolvency resolution process was earlier extended beyond August 21 due to Covid-19. There is no fresh deadline announced by RP yet, due to Covid-19 uncertainties.

The National Company Law Tribunal (NCLT) had earlier admitted Jet Airways for insolvency proceedings on June 20, 2019.

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