Jet Airways Lenders To Seek Fresh Expression Of Interest
A Jet Airways flight seen grounded in Mumbai, Maharashtra. (Source: BloombergQuint)

Jet Airways Lenders To Seek Fresh Expression Of Interest

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Defunct airline Jet Airways (India) Ltd.’s committee of creditors has decided to issue a fresh expression of interest 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 Feb. 18 and in the e-voting concluded on Feb. 25, the CoC passed the resolution to issue fresh Invitation of EOI for the corporate debtor," Jet Airways said in a Bombay Stock Exchange filing on Wednesday.

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

Also read: NCLT Asks Jet Lenders To Release Lifeline Funds Within 15 Days

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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