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Another bidder for Jet

It remains to be seen whether the Hinduja group would also throw its hat into the ring
A file photo of a Jet Airways airliner

Our Special Correspondent   |   Mumbai   |   Published 09.01.20, 07:41 PM

Jet Airways has received a fresh expression of interest even as London-based Hinduja group’s plans to bid for the troubled airline remain shrouded in mystery.

Ashish Chhawchharia, the resolution professional of Jet Airways, told the tribunal that it has received a bid from a domestic firm which was not in the aviation business. Earlier, South America’s Synergy Group had put in a bid.

Over the next few days more entities may bid for the airline. However, it remains to be seen whether the Hinduja group would also throw its hat into the ring.

The committee of creditors (CoC) of the airline has extended the last date of submission of EoIs to January 15 from January 6. This was decided at the meeting held last week and at an e-voting concluded on Wednesday.

The CoC has also decided that February 17 will be the last date of submission of resolution plans.

Meanwhile, the Jet Airways stock continued to rally on expectations of a positive response from bidders for the airline. On the BSE, the share was locked in at the upper circuit as it ended at Rs 41.45. The share has rallied 172 per cent from its 52-week low on October 2019.

At its hearing on Wednesday, the NCLT had warned the CoC of the airline of contempt proceedings if they did not release interim funds to the RP by January 20 for completion of insolvency proceedings.

“We again reiterate and instruct the Committee of Creditors (CoC) to release the interim amount as required by the RP of the grounded airline, so that the corporate insolvency resolution process (CIRP) is completed and the assets of Jet are not devalued,” the Mumbai-bench of the NCLT had said.

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