Jet Airways insolvency: Twitter abuzz on winning bid, official word awaited

Twitter went abuzz on October 7 late evening, with many users sharing that the Kalrock-Jalan consortium has come out winner in the race for Jet Airways.

Many of the Twitterati said that the consortium had got the required percentage of votes - over 60 percent - from Jet Airways lenders to come on top. It is up against the consortium led by FSTC and includes Imperial Capital.

Moneycontrol reached out to the two sides, and also to the resolution professional overseeing the insolvency process. But, none offered a comment.

The airline's lenders, including State Bank of India, were also tight lipped. The carrier owes banks Rs 8,000 crore and faces total claims of Rs 40,000 crore.

Even before the voting began on October 5, Kalrock-Jalan combine was said to be in the lead. "It continues to be in the lead," a senior executive reiterated. At the same time, another executive said that the voting might go on till October 16.

October 21 is the deadline for Jet Airways' insolvency process to be completed.

The voting began after the Committee of Creditors had met on October 3 to evaluate the two bids. The meeting was preceded by a bit of drama when it emerged that there was a legal issue with the FSTC-Imperial bid. The voting was this postponed.

The issue was sorted out a day later, after which the October 3 meeting of the lenders was held.

What's buzzing

This is what some of the users on Twitter said:

https://twitter.com/OfficeOfDGP/status/1313881993730375680?s=19

Many of the former and present employees of Jet Airways shared the message.

https://twitter.com/tarunpmishra/status/1313864282849779713?s=19