Jet Airways extends deadline for submitting initial bids to Aug 10

The deadline for submission of expression of interest (EoI) for the revival of Jet Airways has been extended by a week to August 10. 

The last date has been extended as potential bidders sought additional time, resolution professional Ashish Chhawchharia said in an announcement on Saturday. As part of the ongoing resolution process of Jet in the National Company Law Tribunal (NCLT), August 3 was earlier set as the deadline for submission of EoIs from potential bidders.   

Jet Airways shut operations on April 17 and was referred to the insolvency court in June as lenders were unable to secure viable investment offers. A fresh process is being carried out to find a buyer under the insolvency rules.

Sources said two to three companies had shown interest in reviving the grounded airline and had held discussions with the resolution professional. The idea behind extending the deadline is to enable better participation, they said.

Etihad Airways, which holds a 24 per cent stake in Jet, is said to be one of the interested parties. The Abu Dhabi-based airline had revived talks with Hinduja group to submit a joint offer but it is yet to firm up its plan, a source in the know pointed out. Etihad is still looking for partners to co-invest in Jet, it is learnt.

The grounded airline's liabilities are also said to be an area of concern for Etihad. The resolution professional has received claims worth ~24,000 crore from Jet's creditors and employees. Etihad did not immediately comment on Saturday.

The resolution professional's announcement said the deadline had been extended provisionally, subject to approval from the committee of creditors. 

It said requests were received from "prima facie credible interested resolution applicants." 

"The proposed extension is to ensure the objectives of the Insolvency and Bankruptcy Code are achieved and we are able to maximise the value of the assets of the corporate debtor and achieve a better outcome for all the stakeholders in this fast-track process," it said.