Jet Airways’ lenders have decided to expedite the sale process of the airline to resolve the financial crisis it is facing.
At a crucial meeting held in Mumbai, lenders of Jet Airways (India) Ltd. took stock of the current situation of the company and decided to invite expression of interest from prospective investors on April 6 and seek submission of bids by April 9, 2019. After the Supreme Court scrapped the RBI circular of February 12 on which the resolution plan was based, the lenders have gone back to the original plan and the resolution will now be done through the bank-led resolution plan.
“The lenders intend to pursue the bank-led resolution plan for sale of stake in the company in a time-bound manner under the present legal and regulatory framework and intend to invite expressions of interest,” State Bank of India, the lead bank of the consortium of lenders, said in a statement.
“This will be invited on April 6, 2019 and will need to be submitted by April 9, 2019. The lenders are cognizant that the outcome of the efforts of the lenders will depend on the interest shown by the parties on sale of stake in the company,” it added.
Whilst all efforts would be made for the stake sale by the lenders, other options may be considered should these efforts not result in an acceptable outcome, it said.