Jet lenders seek final offers by Wednesday

Lenders to Jet Airways (India) Ltd have set Wednesday as the final deadline for two shortlisted bidders to submit revised offers to acquire the bankrupt airline, two people said, requesting anonymity.

The decision was taken at a meeting of the Committee of Creditors (CoC) led by State Bank of India on Monday which found the initial bids as unsatisfactory. The revised offers will be taken up next week when the CoC meets again, said the first person cited above. “Negotiations with bidders are on and we are hoping they improve their offer," the person said.

Jet Airways had received bids from two consortiums—one comprising UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan, and the other by Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments LLC. The carrier was admitted to the National Company Law Tribunal (NCLT) in June 2019.

The CoC has since then met 16 times. The insolvency process for Jet, which was grounded in April 2019 due to an acute funds crunch, was supposed to be completed by 13 June 2020. This deadline was first extended to 21 August due to curbs, and then extended for an unspecified time frame by the lenders-appointed resolution professional for the airline, Ashish Chhawchharia.

“While the CoC and the RP are taking all steps to expedite the process, it is difficult to predict when it will be completed," Chhawchharia had said.

Source: https://www.livemint.com

Comments

Post a Comment

Popular posts from this blog

Vistara Domestic Premium Economy vs. Economy – Is The Upgrade Worth It?

Economy on Vistara As one of only two  full-service carriers  in India, Vistara offers a high-quality economy product. On its A320, which used on most domestic routes, it offers 18-inch wide seats with a pitch of 29-30 inches. While this does sound standard, the well-padded seats and adjustable headrest make for a much more comfortable offering than its low-cost competitors. The seats also offer an acceptable 3″ recline. In terms of service, Vistara is one of the few airlines offering hot meals on domestic routes (minus short routes under an hour). All economy passengers, except those booked on Economy Lite fares, receive a meal along with hot or cold beverages. From personal experience, the meals are good and enough for domestic hops. For those traveling on Lite fares, only complimentary hot beverages are available. Vistara also has a small buy-on-board menu, which features packaged snacks and drinks, along with some hot instant meals. Originally, the airline served all passenger’s me
Read more

Why the Airbus A340 Has A Middle Landing Gear

Image
The  Airbus A340  was specially designed for long haul flying and had something not seen with other widebody aircraft flying today. It was a unique middle landing gear that allowed the plane to take off with heavier loads and carry more fuel for its four hungry engines. What is the middle landing gear? If you have ever looked carefully at a picture of an A340 (or if you are lucky, in real life), you might have noticed an extra landing gear on the belly in the middle of the plane. Here it is on a Virgin Atlantic  Airbus A340-600  to the rear of the aircraft. Looking at the bottom of an A340 you’ll see that there are already two other sets of landing gears under the wings, why would an aircraft need a third in the middle? Why some A340s have the middle landing gear Plain and simple, the extra landing gear allows the A340 aircraft to have a higher MTOW (maximum take-off weight). This means more passengers and cargo, plus more fuel to go a longer distance. Perfect for t
Read more

Preparing To Start Domestic Flight Operations Within A Week: Civil Aviation Minister Hardeep Puri

The domestic flight operations are likely to resume within a week, says Union Civil Aviation Minister  Hardeep Singh Puri . The commercial flight operations remain suspended since March 24 after the announcement of nationwide lockdown to contain the spread of coronavirus. In an interview with  Outlook ’s  Preetha Nair , the Union Minister also talks about the government’s massive plan to evacuate stranded Indians and the logistical challenges involved. He also says a decision on operating flights between green zones of the country will soon be taken. You have hinted that the commercial flight operations are set to begin after May 15 in a calibrated way. Can you elaborate? We are preparing to start domestic flight operations even before May 15. My effort will be to try and move in the direction of starting it very soon. I can’t put a date on it because when you are planning evacuation operations, you need the co-operation of the state governments. In order to open up domestic civil avia
Read more