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Synergy Group submits EoI for Jet Airways, again

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Synergy Group submits EoI for Jet Airways, again

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Jet is facing claims of over Rs 36,000 crore under IBC from various creditors.

Synergy Group submits EoI for Jet Airways, again
South America-based Synergy Group has submitted an Expression of Interest to acquire grounded Jet Airways yet again, multiple people aware of the development confirmed to CNBC-TV18.
Synergy Group had emerged as the sole contender for Jet Airways in the previous round of bidding but it did not submit a binding bid as it sought more time and several clarifications on slots available for the airline among other things.
Without any binding bid in place, the creditors committee for Jet Airways had earlier decided to invite fresh bids and even extended the deadline to submit Expressions of Interest to January 15, as per people aware of the matter.
However, this will be the last attempt by the lenders to secure a bid for the airline and no further extensions may be granted, a senior banking executive told CNBC-TV18 on the condition of anonymity. He added that if no bids are received in this round, liquidation may be considered for the airline.
Besides Synergy Group, banks are hopeful that two other suitors may also come forward — a Dubai-based fund and the Hinduja Group.
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 by the end of the EOI submission deadline on January 15. Another executive from a large bank told CNBC-TV18 that a fund backed by the Crown Prince of Dubai has also shown interest in bidding.
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 crore under IBC from various creditors.
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