To keep the grounded airline alive, the Committee of Creditors (CoC) approved raising interim loans of up to Rs 70 crores to Jet Airways.
Bankers also approved the contours of the fresh bidding process of the debt-ridden carrier. The initial fresh bids for the carrier would be sought from potential investors on Saturday. The lenders also confirmed the appointment of Grant Thornton’s Ashish Chhawchharia, an interim resolution professional appointed by India’s bankruptcy court, as the resolution professional for the airline.
However, the court admitted an insolvency plea last month from Jet’s top lender State Bank of India, appointed Chhawchharia, and directed fast-tracking of the insolvency process. Before Jet finished in bankruptcy court, its lenders had carried out a bidding process but failed to get a single decisive bid for the airline.
Potential bidders have 15 days to respond to the initial bids. The RP plans to shortlist them in another 15 days.