Jet Airways has extended the deadline for voting on resolution plans to Saturday, according to the airline’s resolution professional Ashish Chhawchcharia. Only half the lenders have submitted their votes and the remaining have sought time till Saturday evening to submit their votes, said the person.
The voting on the resolution plans submitted by two bidders was supposed to end on Friday. Jet Airways had received bids from two consortiums, one comprising UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan, and the other by Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments LLC. One of the two had sought more time to revise the bid upwards, and lenders had agreed to give more time for both parties to submit revised bids.
For the revival plan to go through, the company will have to secure 66% of the votes of the lenders, who are part of the committee of creditors. Once the resolution plan is approved by the majority of the committee of creditors, the RP will move an application in the National Company Law Tribunal for its approval.
The carrier was admitted to the National Company Law Tribunal (NCLT) in June 2019.
Since then, the committee of creditors has met 16 times. The insolvency process for Jet Airways, which was grounded in April 2019, due to an acute fund crunch, was supposed to be completed by June this year. The deadline was first extended to 21 August due to lockdown curbs, and then extended for an unspecified time by lenders-appointed resolution professional for the airline, Ashish Chhawchharia.
