Jet Airways (India) Ltd has received resolution plans from two of the four potential bidders that were shortlisted to revive the bankrupt airline, a person with direct knowledge of the matter said.
A bid was received from a consortium comprising UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan, the person said, requesting anonymity. A consortium of Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments LLC also submitted an offer, the person added.
Bidders had until 21 July to submit their offers.
Grant Thornton India’s Ashish Chhawchharia, the resolution professional appointed by lenders to Jet Airways, will now place the offers before the committee of creditors (CoC) of the airline, said the person cited above.
Two parties who did not submit bids are Canada-based entrepreneur Sivakumar Rasiah and Kolkata’s Alpha Airways.
When contacted, Chhawchharia declined to comment.
Jet Airways—once India’s biggest private airline—hasn’t flown since 17 April 2019 after it halted flights due to an acute cash crunch.
The emergence of new bidders has rekindled interest in the residual asset value of the carrier which includes its brand value, air operator permit (AOP), a stake in a profitable frequent flyer programme and half a dozen aircraft.
Potential bidders will also consider Jet Airways’ international bilateral rights and code share arrangements, besides other fixed assets.
A new owner will, however, face several challenges to turn around Jet Airways, which include its massive debt, dues to employees, airports, ground handlers and others.
———
©2020 the Mint (New Delhi)
Visit the Mint (New Delhi) at www.livemint.com
Distributed by Tribune Content Agency, LLC.
