Jet Aiways revival: Grounded airline's lenders to issue fresh EoIs; creditors’ panel extends resolution plans deadline to 9 March

The decision to call for fresh bids was taken after a team from Russia's Far East Asia Development Fund along with Enso Group met the CoC earlier this month and expressed interest in Jet Airways.

Press Trust of India February 28, 2020 11:48:47 IST
Jet Aiways revival: Grounded airline's lenders to issue fresh EoIs; creditors’ panel extends resolution plans deadline to 9 March
  • The decision to call for fresh bids was taken after a team from Russia's Far East Asia Development Fund along with Enso Group met the CoC earlier this month and expressed interest in Jet Airways.

  • The Far East Asia Development Fund is a state finance development institution which warrants a flexible approach to projects' structuring and financing, as per its LinkedIn profile

  • Mumbai-headquartered Enso Group has reportedly been roped in by the fund to find an Indian partner to form a consortium that would later put in a formal bid

Mumbai: Defunct airline Jet Airways' Committee of Creditors has decided to issue fresh Expression of Interest (EoI) for the carrier, which is undergoing insolvency proceedings, according to a regulatory filing.

"We wish to inform that the 8th CoC meeting of Jet Airways (India) Ltd was held on 18 February and in the e-voting concluded on 25 February, the CoC passed the resolution to issue fresh Invitation of EoI (Round) for the corporate debtor," Jet Airways said in BSE filing on Wednesday.

Jet Aiways revival Grounded airlines lenders to issue fresh EoIs creditors panel extends resolution plans deadline to 9 March

Representative image. Reuters

Against this backdrop, the CoC extended the last date of submission of resolution plans to 9 March. The earlier deadline for submitting the bids was 18 February.

The decision to call for fresh bids was taken after a team from Russia's Far East Asia Development Fund along with Enso Group met the Committee of Creditors (CoC) earlier this month and expressed interest in Jet Airways, a source said earlier.

The airline which was grounded in April last year, owes more than Rs 8,000 crore to banks, with those from the public sector having significant exposure.

Set up in 2011, the Far East Asia Development Fund is a state finance development institution which warrants a flexible approach to projects' structuring and financing, as per its LinkedIn profile.

Mumbai-headquartered Enso Group has reportedly been roped in by the fund to find an Indian partner to form a consortium that would later put in a formal bid. It has interests in diverse sectors, including oil and gas, metal mining, healthcare, infrastructure and real estate, as per its website.

Earlier, South American conglomerate Synergy Group and New Delhi-based Prudent ARC were given time to submit resolution plan. Reportedly, they failed to meet the deadline.

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