Jet Airways RP invites expressions of interest by August 3

MUMBAI, July 20: The resolution professional (RP)
of Jet Airways Saturday called for expressions of interest
(EoIs) to sell the grounded airline’s meager assets by August
3.
In an advertisement posted on the airline’s website
and in newspapers, the RP, Ashish Chhawchharia, appointed by
Jet Airways’ lenders, has set a deadline of August 3 for
receipt of EoIs, August 6 as the date of issue of provisional
list of prospective resolution applicants, and August 11 as
the last date of submission of objections.
The advertisement stated that on August 14, final list
of prospective resolution applicants will be issued.
The final date for submission of resolution plans of
these applicants will be September 5, it added.
The estimated date for the submission of resolution
plan by the RP to the National Company Law Tribunal for
approval is September 20.
The airline’s assets include 14 aircraft including 10
Boeing planes — down from 124 before the grounding — and 49
per cent stake in Jet Privilege and a few buildings.
Its liabilities are over Rs 36,000 crore, including
more than Rs 10,000 crore of vendor dues, Rs 8,500 crore along
with interest owed to the lenders, over Rs 3,000 crore in
salary dues and more than Rs 13,500 crore in accumulated
losses of the past three years.
The lenders also list spares, slots and routes as the
assets of the Naresh Goyal-promoted airline which operated its
last flight on April 17.
The next hearing on the insolvency case and RP’s
progress report is on July 23.
The airline was sent to the NCLT on June 17, to
recover loans of Rs 8,500 crore.
On June 20, NCLT admitted the insolvency petition
filed by the lenders’ consortium led by State Bank against Jet
Airways.
Before it was sent to the NCLT, the banks, which own
half of the shares in the airline, had sought expressions of
interest from both strategic and financial investors to sell
between 31.2 and 75 percent stake.
The bankers received four non-binding EoIs in April,
while Etihad Airways, which owns 24 percent in the carrier,
had submitted a conditional bid. But none of the bidders moved
forward. (PTI)