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Regular-article-logo Sunday, 05 May 2024

Jet Airways extends bid date

The revised deadline for submission stands at 4 pm, August 10

TT Bureau Mumbai Published 03.08.19, 06:49 PM
The lenders, who own the airline since March 25 with 51 per cent stake, had on June 17 sent the airline to bankruptcy court as they could not get a buyer.

The lenders, who own the airline since March 25 with 51 per cent stake, had on June 17 sent the airline to bankruptcy court as they could not get a buyer. (iStock)

Lenders to Jet Airways on Saturday decided to extend the deadline for submitting expressions of interest by a week to August 10.

Late last month, resolution professional Ashish Chhawchharia had floated EoIs for selling a stake in the airline that stopped flying mid-April.

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August 3 was the deadline for putting in the EoIs and the lenders have so far received preliminary interest from four parties.

“On the basis of the requests received from credible interested resolution applicants for some additional time, the deadline for submission of the EoI is been provisionally extended by a week to August 10,” the lenders said in a regulatory filing.

The extension is to ensure the objectives of the IBC are achieved and also to maximise the value of assets of the debtor, it said.

“The revised deadline for submission stands at 4 pm, August 10,” it added.

Earlier this week, lead banker State Bank of India had approved a Rs 10 crore interim funding and other banks are also in the process of approving the same.

This was after the NCLT had on July 23 asked the RP to discuss the salary concerns with the lenders. The tribunal said even if 100 per cent cannot be paid, a portion of the salary has to be paid.

The lenders, who own the airline since March 25 with 51 per cent stake, had on June 17 sent the airline to bankruptcy court as they could not get a buyer.

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