Lenders to attempt Jet Airways’ sale again

New Delhi, July 17

Lenders to Jet Airways will open bids to sell the bankrupt airline on July 20, as they look to recover about 85 billion rupees ($1.24 billion) of loans, two sources familiar with the matter said today.

Last month, Jet’s creditors, led by SBI, took the airline to the bankruptcy court after failing to agree on a revival plan.

The airline, grounded since April 17, was admitted to the Mumbai Bench of the National Company Law Tribunal on June 20.

Since then, the court has directed the bankruptcy resolution firm Grant Thornton, which liaises with creditors on behalf of the bankrupt firm, to complete the recovery process within 90 days instead of the 180 days that is typically awarded.

The bankers are also considering a request to provide interim funding of $10 million to pay some employee, legal, compliance, operational and maintenance costs, among other things, said one of the sources. — Reuters

Airline owes Rs 8,500 crore 

• In June, Jet’s creditors took the airline to the bankruptcy court after failing to agree on a revival plan
• The airline, grounded since April 17, was admitted to the Mumbai Bench of the NCLT on June 20
• n Since then, the court has directed the bankruptcy resolution firm Grant Thornton to complete the recovery process within 90 days