Four consortia of potential bidders for Jet Airways have been shortlisted by the beleaguered airline’s resolution professional. These bidders can now submit a bid proposal after due diligence, Livemint reports.
UK’s Kalrock Capital Partners and Dubai-based Murari Lal Jalan constitute one consortium of bidders, Abu Dhabi-based Imperial Capital Investments along with Haryana based Flight Simulation Technique Centre Pvt. Ltd and Mumbai-based Big Charter Pvt. Ltd. Other bidders include Canada-based entrepreneur Sivakumar Rasiah, and Kolkata’s Alpha Airways.
As per reports, these consortia of bidders have signed a non-disclosure pact with the resolution professional and committee of creditors and have been given access to Jet Airways’ financial information. They now have two weeks to review the finances of the company and put in their bids.
In the light of the COVID-19 pandemic and the subsequent lockdown, the deadline for Jet’s corporate insolvency resolution process was been extended to August 21.
This is the fourth attempt at finding Jet Airways a suitor. Last month, Jet Airways received expressions of interest from around 11 new investors despite the pandemic and its economic fallout.
This comes after Synergy Group and New Delhi-based Prudent ARC, which showed interest earlier failed to submit a resolution plan for Jet Airways.
Jet Airways suspended operations over a year ago amid sever cash crunch on April 18, 2019. It owes lenders – led by State Bank of India -- over Rs 8,000 crore.
The insolvency proceedings for the airline began on June 20, 2019, has since been extended several times amid lack of a serious bidder.
Strategic investors need to have a minimum net worth or available funds of Rs 500 crore, while financial investors are required to have assets under management of worth at least Rs 500 crore.