The bankruptcy court has directed the lenders of Jet Airways to take a decision on allowing fresh expressions of interest (EoIs) for the sale of the grounded carrier.
The direction from the Mumbai bench of the National Company Law Tribunal (NCLT) came after Jet Airways’ resolution professional informed it that the lenders were seeking fresh EoIs since two more bidders have shown interest to revive the airline.
Meanwhile, the Synergy Group, a Latin American investor that had submitted an EoI and claimed to have revived sick airlines, informed the tribunal through a representative that it was keen to take over the company, but needed more time to take a decision since it was still conducting due diligence.
“The CoC (committee of creditors) is considering to open two new EoIs for Jet Airways. The timeline is very crucial for the revival of the company and hence we are seeking more time from the tribunal,” said Ashish Chhawchharia, the resolution professional for Jet Air and the head of restructuring practice at Grant Thornton. He didn’t name the entities that want to submit EoIs.
The Latin American group has informed the tribunal that it was evaluating critical issues, like getting the airline’s domestic slots and those at London’s Heathrow Airport back.
“We understand the urgency but we are making a serious investment and we need to be sure before we take this proposal to our investors,” a Synergy representative told the NCLT, adding: “We have a history of turning around sick airlines in South America and we want to replicate that in India as well.”
