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Last Updated : Jul 29, 2019 03:20 PM IST | Source: Moneycontrol.com

Remain with employee consortium for Jet Airways bid, says AdiGro Aviation Founder Sanjay Viswanathan

Viswanathan, however, aired concerns about the NCLT process

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While reiterating his interest in bidding for Jet Airways through the partnership with employee consortium, AdiGro Aviation Founder Sanjay Viswanathan aired his concerns on the 'unpredictability' of the insolvency process.

"AdiGroup remains interested in Jet Airways and through employee consortium.  We have capital firepower, and appetite to co-invest and transform the airline," Viswanathan told Moneycontrol.

However, he aired concerns over the "unpredictability of the NCLT-led process." Viswanathan said, "One has to only look at the track record of resolutions in NCLT to realise that with best intentions of all stakeholders, cases are not resolved for a year or longer."

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Also Read: Bid from Jet employee consortium & AdiGro under a cloud

AdiGro Aviation has thus asked its partner, the Jet Airways employee consortium, to get confirmation from resolution professional (RP) and Committee of Creditors (CoC) to guarantee resolution in the 90-day window ending September 20. Jet Airways was admitted to NCLT on June 20.

"If employee consortium can secure us this by end of the day, Tuesday,  30 July, we'll be happy to submit EoI by August," said Viswanathan.

August 3 is the deadline to submit the expression of interest.

The two sides had joined hands on June 28, to jointly bid for Jet Airways.

Other options

Viswanathan added that if the employee consortium doesn't get an assurance from the RP or CoC, "they are welcome to partner with any other equity sponsor who is willing to invest in the NCLT process that gives zero predictability."

"We have access to and support of world-class global financial institutions who believe in Adi's investment thesis on Jet Airways," said Viswanathan. "We have access to further capital and airline partners to build on year one platform and deliver a profitable and growing Jet Airways," he added.

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First Published on Jul 29, 2019 03:17 pm
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