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aviation | IST

Jet Airways gets interest from a dozen little-known suitors: from ex-staff to a Canadian businessman

Grounded airline Jet Airways has received as many as 12 expressions of interest (EOIs) in the latest round of bidding, two people directly in the know told CNBC-TV18.

Grounded airline Jet Airways has received as many as 12 expressions of interest (EOIs) in the latest round of bidding, two people directly in the know told CNBC-TV18.
This is the fourth round of bidding for the airline, which was grounded over a year back and subsequently referred to the National Company Law Tribunal in June 2019 by its lenders.
“We have received 11-12 Expressions of Interest, but we are still examining them to see if they will make the eligibility cut,” said a person directly in the know, and involved in the process.
UK-based Kalrock Capital, Hyderabad-based Turbo Aviation, Alpha Airways, a Canadian citizen by the name of Siva Rasiah, Imperial Capital, an Indian entrepreneur named Sanjay Mandavia, UK-based Adi Group, Synergy Group, and a consortium of former Jet Airways employees are among those who submitted EOIs, as per the people quoted earlier. The deadline to submit EOIs expired not he midnight of May 28.
“Maybe 3 or 4 of these suitors are going to finally be shortlisted, some of these names are interesting, so we have to see. The shortlisted ones will be asked to submit bids by July 11,” said another person who is aware of the deliberations.
Synergy Group and Adi Group had both shown interest in previous rounds as well but did not submit any binding bids.
“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 earlier this month.
The airline has received claims of over Rs 37,300 crore under NCLT from various creditors. Of these, the resolution professional has admitted claims of over Rs 15,900 crore. This also includes claims of over Rs 8,000 crore from a clutch of banks led by State Bank of India, Yes Bank, Punjab National Bank and others.