Lenders of Jet Airways, which suspended operations in April, floated expression of interest for the airline on Saturday, inviting prospective resolution applicants to submit an EOI by August 3, 2019.
Lenders of Jet Airways on Saturday floated expression of interest for the airline, inviting prospective resolution applicants to submit an EOI by August 3, 2019.
In a regulatory filing on Friday, bankruptcy resolution firm Grant Thornton said Jet Airways’ lenders had approved the eligibility criteria for potential buyers. The airline will also receive interim funding from its lenders, according to the regulatory filing.
According to a Reuters report, the lenders agreed that the only criterion for bidders would be a net worth of Rs 1000 crore ($145 million).
The last date to submit the EI is August 3, 2019 while the list of prospective qualified resolution applicants will be released by August 14.
Qualified applicants will have to submit a resolution plan by September 5, 2019. The estimated date for submission of resolution plan to NCLT for approval is September 25, 2019.
Jet Airways shuttered operations in April after it ran out of cash and us undergoing insolvency proceedings after creditors failed to agree on a revival plan.
The airline is now managed by an insolvency resolution professional Grant Thornton, appointed by the National Company Law Tribunal (NCLT).
The proposal to raise interim finance and key terms for the eligibility criteria for the prospective resolution applicants have been approved by the requisite majority of voting share, the filing said.
The first meeting of Jet Airways' committee of creditors, led by the State Bank of India (SBI) after the airline was referred for resolution under the Insolvency and Bankruptcy Code, was held on July 16. The lenders had decided to float EoI by the end of the week or early next week.
On Thursday, the resolution professional announced that he has received claims worth Rs 24,887 crore in 16,643 claims, including Rs 8,462 crore by financial creditors, against the company.
(With PTI inputs)
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