Two little known suitors have come forward with a proposal to acquire the grounded Jet Airways, people familiar with the matter told CNBC-TV18 on the condition of anonymity. In the fourth round of bidding, and what could be the last attempt at saving the airline, the two consortiums of investors have placed bids with the resolution professional of the bankrupt airline.
The first bid has come from a consortium comprising 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). The second bid that came in before the deadline ended at 6 pm on Tuesday was from a consortium of UK-based financial advisory firm Kalrock Capital Partners, along with an individual by the name of Murari Lal Jalan who is a resident of Dubai.
As many as 12 suitors had come forward in the fourth round of bidding for the airline and submitted Expressions of Interest, but only 4 of them made the eligibility cut, CNBC-TV18 had earlier reported. The four final shortlisted suits who were invited to submit bids included the two consortiums led by Kalrock Capital and ICIL mentioned earlier. The other two, who did not submit bids as the deadline ended included a Canadian entrepreneur by the name of Sivakumar Rasiah, and Kolkatta based Alpha Airways, as per people in the know.
If this round of bids is not successful, the airline may finally have to be liquidated, banks CNBC-TV18 spoke to said. Jet Airways was grounded over a year back and subsequently referred to the National Company Law Tribunal in June 2019 by its lenders.
“The revised timeline for completion of the CIRP of Jet is now August 21, 2020, subject to any further extension of the lockdown by the state government of Maharashtra or the Central Government, as the case may be,” Ashish Chhawchharia, the Resolution Professional for Jet Airways said in an exchange notification in May.
The airline has received claims of over Rs 37,300 crores under NCLT from various creditors. Of these, the resolution professional has admitted claims of over Rs 15,900 crores. This also includes claims of over Rs 8,000 crores from a clutch of banks led by State Bank of India, Yes Bank, Punjab National Bank, and others.