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Jet Airways crisis: Four little-known bidders finalised for airline's revival

Deadline for corporate insolvency resolution process of Jet Airways has also been extended by more than two months to August 21 to exclude duration of coronavirus lockdown that began on March 25

twitter-logoBusinessToday.In | June 3, 2020 | Updated 16:48 IST
Jet Airways crisis: Four little-known bidders finalised for airline's revival
Jet Airways stopped operations on April 17 after the lenders refused funds required to keep the airline afloat.

Jet Airways' future hinges on four little-known suitors who have shown interest in the bankrupt airline. As per the latest details, four out of 12 expressions of interest (EOIs) received by the airline have met the eligibility criteria and they will soon submit final bids to acquire the airline.

These four bidders are UK's Kalrock Capital Partners and one Dubai-based man, Murari Lal Jalan; a consortium of Abu Dhabi-based Imperial Capital Investments LLC (ICIL), Haryana-based Flight Simulation Technique Centre Pvt Ltd (FSTCPL) and Mumbai-based Big Charter Pvt Ltd (BCPL); Canada-based entrepreneur Sivakumar Rasiah; and Kolkatta's Alpha Airways, CNBC TV18 reported citing sources.

The deadline for corporate insolvency resolution process of Jet Airways has been extended by more than two months to August 21 to exclude the duration of coronavirus lockdown that began on March 25.

Also read: Vande Bharat mission: Jet Airways offers two Boeing aircraft to evacuate stranded Indians

The deadline was extended after Jet Airways' Resolution Professional applied to the National Company Law Tribunal (NCLT), seeking a 90-day extension for the resolution process of the defunct carrier in the wake of coronavirus pandemic in India.

Jet Airways stopped operations on April 17 after the lenders refused funds required to keep the airline afloat. The banks have been trying to salvage the company ever since. The SBI-led consortium of banks that had extended loans to Jet Airways agreed to file insolvency proceedings against the airline after the bank-led resolution process failed to get any results.  

The NCLT on June 20, 2019, had admitted the insolvency petition filed by the lenders' consortium led by SBI against Jet Airways. The tribunal also appointed Ashish Chhauchharia of Grant Thornton as the resolution professional. The consortium had been in control of the company's board since March after the exit of founder Naresh Goyal.

Also read: Jet Airways' resolution timeline extended till August 21 amid coronavirus lockdown

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