Jet Airways: Two interested in reviving the stressed airlines
New Delhi : Two entities have shown interest in reviving India's stressed airlines – Jet Airways, the company’s resolution professional, Ashish Chhawchharia, told the National Company Law Tribunal (NCLT) on Tuesday.
On the same day, the Committee of Creditors (CoC) said they are ready to accept fresh bids for the revival of airlines.
Till the day, the Colombian Synergy Group was the only one in talks to revive the grounded airline.
“The group’s draft business plan is not compliant with the Corporate Insolvency Resolution Process. We will need a final resolution plan and further commitments from Synergy Group. Their interest is conditional on assurance on Heathrow, Amsterdam and India slots, which the CoC cannot give. The two other parties only expressed their interest two days ago. Instead of extending the time period just for this one group, the CoC decided to call for fresh bids. Final decision is expected by Saturday,” Financial Express quoted a person aware of the developments.
With the new development, the Synergy Group will have to file fresh bids in a new EoI during the next round.
Meanwhile, senior officials of ministry of civil aviation (MoCA) and Directorate General of Civil Aviation (DGCA) told the tribunal that the government will “positively consider” any business plan for Jet Airways. “If slots are not used, they are perishable and the public gets inconvenienced. Whenever they (Synergy Group) give a confirmed plan, certainly we are open to examining that,” Usha Padhee, joint secretary, MoCA, told NCLT.