Fresh EoI invited for Jet Airways

Jet Airways’ resolution professional Ashish Chhawchharia on Sunday invited a second round of expressions of interest (EoI) from new parties after the Committee of Creditors (CoC) voted in favour of calling fresh binding bids.

Mr. Chhawchharia had informed the National Company Law Tribunal (NCLT), Mumbai, of the possibility of a fresh EoI during a hearing on December 19. The tribunal had then directed the CoC to take all aspects into consideration and decide on the fresh EoI process. The December 19 hearing was mainly to provide the Synergy Group of Brazil the opportunity to clarify its stance to submit a binding bid for Jet Airways.

On Sunday, Mr. Chhawchharia invited the second round of EoI under Regulation 36A (1) of the Insolvency and Bankruptcy (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. While the last date of the EoI will be January 6, a provisional list of prospective resolution applicants will be declared on January 9.

After objections to this provisional list are received till January 14, a final list will be issued on January 17. The last date for the submission of the resolution plans is February 8 and the estimated date of submission of the plans to the adjudicating authority for approval is February 28.

According to lawyers, the representative of Synergy Group had said the company would be interested if Jet Airways was handed over to it without any liabilities. It said all the domestic and international slots of Jet Airways, including those at London Heathrow, must be made available. However, the NCLT made it clear that Synergy cannot be given any special treatment and it should expedite the process.

The NCLT on December 20 had also approved the extension of the corporate insolvency resolution process (CIRP) for Jet Airways by 90 days. The one-time extension, allowed under the Insolvency and Bankruptcy Code, comes after the CIRP did not make any headway during the mandated 180-day period.

Reportedly, three more firms have evinced interest in the air carrier: an Indian entity backed by a U.K.-based firm, a west Asian fund, and a Hyderabad-based aviation company. Synergy Group is at present the only one to have submitted its KYC and expressed a formal interest in Jet Airways.

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Printable version | Mar 7, 2021 11:59:33 PM |

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