Business

Jet Airways’ Committee of Creditors to seek fresh Expression of Interest

Jet Airways. File

Jet Airways. File   | Photo Credit: Reuters

The CoC extended the last date of submission of resolution plans to March 9. The earlier deadline for submitting the bids was February 18.

Defunct airline Jet Airways’ Committee of Creditors has decided to issue fresh Expression of Interest (EoI) for the carrier, which is undergoing insolvency proceedings, according to a regulatory filing.

“We wish to inform that the 8th Committee of Creditors (CoC) meeting of Jet Airways (India) Limited was held on February 18 and in the e-voting concluded on February 25, the CoC passed the resolution to issue fresh Invitation of EoI (Round) for the corporate debtor,” Jet Airways said in BSE filing on Wednesday.

Against this backdrop, the CoC extended the last date of submission of resolution plans to March 9. The earlier deadline for submitting the bids was February 18.

The decision to call for fresh bids was taken after a team from Russia’s Far East Asia Development Fund along with Enso Group met the CoC earlier this month and expressed interest in Jet Airways, a source said earlier.

The airline which was grounded in April last year, owes more than ₹8,000 crore to banks, with those from the public sector having significant exposure.

Set up in 2011, the Far East Asia Development Fund is a State finance development institution which warrants a flexible approach to projects’ structuring and financing, as per its LinkedIn profile.

Mumbai-headquartered Enso Group has reportedly been roped in by the fund to find an Indian partner to form a consortium that would later put in a formal bid. It has interests in diverse sectors, including oil and gas, metal mining, healthcare, infrastructure and real estate, as per its website.

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

Why you should pay for quality journalism - Click to know more

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Apr 8, 2020 9:51:09 PM | https://www.thehindu.com/business/jet-airways-committee-of-creditors-to-seek-fresh-expression-of-interest/article30933315.ece

Next Story