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Last Updated : Aug 03, 2019 05:34 PM IST | Source: Moneycontrol.com

Deadline for expression of interest for stake sale in Jet Airways extended to August 10

In July resolution professional Ashish Chhawchharia had floated EoIs for selling stake in the airline and the deadline for receipt of EoIs was kept as August 3

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The deadline for submitting expressions of interest (EOI) for stake sale in the defunct Jet Airways has been extended to August 10.

“On basis of requests received from prima-facie credible interested Resolution Applicants for some additional time, the deadline for submission of EOI is being provisionally extended. The proposed extension is to ensure the objectives of the IBC are achieved,” a statement released by Jet Airways said.

Moneycontrol on August 2 had reported that Etihad Airways and the Hinduja Group are unlikely to submit an expression of interest (EoI) for Jet Airways within the August 3 deadline and may prefer to wait a bit longer before making their interest official.

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According to sources, two partners, who were the only suitors in the bidding process before Jet Airways was taken to the insolvency court, may consider entering at a later stage based on internal advice.

It was in July when resolution professional Ashish Chhawchharia had floated EoIs for selling stake in the airline. And the deadline for receipt of EoIs was kept as August 3.

Since April, Jet Airways has suspended its operations. Before suspending its operations, Jet Airways was trying to raise money by selling stake in Jet Privilege.

Though it had received interest from private equity players, differences over valuation had led to a stalemate.

The possibility of selling the asset will increase if lenders fail to get a suitor, who wants to acquire Jet Airways as a complete unit.

In this scenario, banks could choose to sell the airline's assets individually.

Jet Airways is now left with 14 aircraft. The lenders could choose to sell them to Indian airlines, including Vistara and SpiceJet, who have already leased some of its planes earlier.

Jet Airways originally had a fleet of about 120 planes, but after defaulting on payments to leasing companies most of these were de-registered.

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First Published on Aug 3, 2019 05:34 pm
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