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    Jet Airways: Lenders extend deadline for expression of interest… again

    aviation | IST

    Jet Airways: Lenders extend deadline for expression of interest… again

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    The creditors' committee of grounded carrier Jet Airways have decided to extend the deadline to submit Expressions of Interest (EOI) for the airline to January 15, multiple people aware of the development told CNBC-TV18. The deadline was originally set to expire on January 6.

    The creditors' committee of grounded carrier Jet Airways have decided to extend the deadline to submit Expressions of Interest (EOI) for the airline to January 15, multiple people aware of the development told CNBC-TV18. The deadline was originally set to expire on January 6.
    The decision was taken at a meeting of the Committee of Creditors held this afternoon. A senior banking executive present at the meeting told CNBC-TV18 on the condition of anonymity that there will be no more extensions given, as the 270 days allotted to Jet Airways for resolution under the Insolvency & Bankruptcy Code end in March, and if any further extensions were given, the process may not be completed in time.
    The person quoted above added that the main reason for the deadline extension is to allow players like the Hinduja Group to come forward to bid.
    Mint had earlier quoted Gopichand P Hinduja, co-chairman of the London-based group, saying that the Hindujas are still keen on acquiring Jet Airways if protected from its legal liabilities.
    While the Hindujas have not yet made an offer for the airline in this round, banking executives CNBC-TV18 spoke to said lenders are hopeful of their participation.
    Another executive from a large bank told CNBC-TY18 that the creditors committee has already received one Expression of Interest from a fund backed by the Crown Prince of Dubai and that if they bid, they would require an Indian partner, given that foreign airlines are not allowed to hold over 49 percent stake in Indian carriers under current rules.
    South America based Synergy Group, which had emerged as the sole contender in the last round of bids, may also participate again, as per the people quoted earlier.
    As of now, there are no other bidders in the fray for the airline besides these three, a person familiar with the process told CNBC-Tv18.
    The Mumbai bench of the National Company Law Tribunal admitted State Bank of India’s plea to initiate insolvency proceedings against Jet Airways on June 20 last year, after the SBI-led consortium failed to find any buyers for the airline. Jet is facing claims of over Rs 36,000 crores under IBC from various creditors.
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