Jet Airways’ Lenders Extend Deadline For Bids After Getting Fresh Interest
Jet Airways aircraft sit on the tarmac at the airport in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Jet Airways’ Lenders Extend Deadline For Bids After Getting Fresh Interest

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Lenders to Jet Airways (India) Ltd. have decided to extend the deadline for submission of bids to March 10 as a new entity has evinced interest in the grounded airline, according to a source.

The current deadline for submitting bids for Jet Airways, which is undergoing resolution under the Insolvency and Bankruptcy Code, ended on Monday. South American conglomerate Synergy Group and New Delhi-based Prudent ARC were given time to submit Jet Airways’ resolution plan. They reportedly failed to meet the deadline.

"A team from Far East Asia Development Fund of Russia along with Enso Group met the Committee of Creditors on Monday and has expressed interest in Jet Airways," the source said.

Against this backdrop, the lenders extended the deadline for submission of bids to March 10. Ashish Chhawchharia, the resolution professional for Jet Airways, was not available for comments.

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

The 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, according to its website.

The cash-strapped airline, which was grounded in April 2019, owes more than Rs 8,000 crore to banks, with those from the public sector having significant exposure.

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