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Jet Airways receives resolution plans from two bidders

Jet Airways receives resolution plans from two bidders

Jet Airways receives resolution plans from two bidders
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By CNBCTV18.com Jul 24, 2020 10:06:25 AM IST (Updated)

The Resolution Professional for Jet Airways has received resolution plans from two of the four shortlisted bidders, which will be placed before the Committee of Creditors (CoC) for consideration, the grounded carrier said on Thursday. The bidders were shortlisted in the fourth round of invitation of bids.

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"...Pursuant to the said invitation of expression of interest and resolution plans, the Resolution Professional has received resolution plans for Jet Airways (India) Limited from two Prospective Resolution Applicants, which shall be placed before the Committee of Creditors for its consideration," it said in an exchange filing.
CNBC-TV18 on July 22 had reported about the two little known suitors coming forward with a proposal to acquire the grounded Jet Airways. In the fourth round of bidding, and what could be the last attempt at saving the airline, the two consortiums of investors placed bids with the resolution professional of the bankrupt airline.
The two bidders are - a consortium of UK-based Kalrock Capital and a UAE-based entrepreneur Murari Lal Jalan, and a consortium of Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi's Imperial Capital Investments LLC, sources had told CNBC-TV18.
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 other two, that did not submit bids as the deadline ended included a Canadian entrepreneur by the name of Sivakumar Rasiah, and Alpha Airways, as per people in the know.
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.
In April 2019, Jet Airways was grounded after lenders failed to arrive at a restructuring plan, then in June last year, the airline sought resolution under the bankruptcy route.
The airline was founded by businessman Naresh Goyal, who is now under the scanner of various government agencies for alleged mismanagement and diversion of funds related to Jet.
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