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Jet Airways Lenders Open Bid to Sell Carrier Again, Seek to Recover Loans Worth Crores

The bankers are also considering a request to provide interim funding of about Rs 68 crore to pay some employee, legal, compliance, operational and maintenance costs, among other things.

Reuters

Updated:July 17, 2019, 9:08 AM IST
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Jet Airways Lenders Open Bid to Sell Carrier Again, Seek to Recover Loans Worth Crores
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New Delhi: Lenders to Jet Airways will open bid to sell the bankrupt airline on July 20, as they look to recover about Rs 8,500 crore of loans, two sources familiar with the matter said on Tuesday.

Last month, Jet’s creditors, led by State Bank of India (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 about Rs 68 crore to pay some employee, legal, compliance, operational and maintenance costs, among other things, said one of the sources, who was present at the first meeting of the core committee of creditors (COCA).

The Expression of Interest window to gauge buyer interest in the airline will open next Saturday and candidates should be shortlisted by early August, according to one of the sources.

An SBI-led consortium of 26 banks has informed the resolution professionals that Jet Airways owes them about Rs 8,500 crore, added the banker. Apart from this, it also owes over Rs 400 crore to employees in unpaid salaries.​

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