Home >Companies >News >Jet Airways’ resolution professional calls for fresh bids
(Photo: Reuters)
(Photo: Reuters)

Jet Airways’ resolution professional calls for fresh bids

  • Earlier this month, NCLT directed CoC to expedite their decision on seeking fresh EoIs in view of new interest being shown for the grounded airline
  • So far, Synergy Group is the sole potential bidder for the shuttered airline

New Delhi: The insolvency resolution professional (IRP) of Jet Airways Ltd on Monday called for fresh bids. The sixth meeting of Jet Airways’ Committee of Creditors (CoC), held on 17 December, had passed the resolution to seek fresh expression of interest (EoIs).

On Friday, the Mumbai bench of National Company Law Tribunal (NCLT) had approved extension of Jet Airways’ insolvency resolution period by 90 days. The NCLT also directed CoC to expedite their decision on seeking fresh EoIs after two new investors evinced interest in the grounded airline.

The creditors’ committee had sought extension of corporate insolvency resolution process of the debt laden airline from NCLT in view of South America's Synergy Group wanting more time for due diligence and two new interests being shown for the grounded airline.

So far, Synergy Group is the sole potential bidder for the shuttered airline.

Jet Airways was grounded on 18 April due to an acute fund crunch.

On 20 June, the Mumbai bench of the National Company Law Tribunal (NCLT) admitted Jet Airways under the Insolvency and Bankruptcy Code (IBC) after lenders referred it to the bankruptcy tribunal.

A consortium of 26 bankers, led by the State Bank of India, had approached the tribunal to recover dues of over 8,500 crore.

Shares of Jet Airways on Monday closed 5% up at 25.70 on the BSE.

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