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Voting on Jet Airways’ bids extended to tomorrow, say sources

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Voting on the 2 bids submitted for Jet Airways has been prolonged, probably until October 17, a number of sources instructed Moneycontrol.

The voting was to finish by 6 pm on October 16 however has been prolonged after a number of the lenders requested for extra time.

“Whereas initially the request was to increase the voting traces until 9 pm on October 16, others requested for a day extra,” a senior govt within the banking sector mentioned.

“A number of the PSU banks have sought time until tomorrow (October 17). Their level is that they require a day extra for board approval,” added one other govt conversant in the Jet Airways voting course of.

The airline had obtained bids from two suitors, each consortiums, on July 21. The primary consortium was of Flight Simulation Approach Centre Pvt, Large Constitution Pvt, and Imperial Capital Investments LLC. Each FSTC and Large Constitution are led by aviator-turned-entrepreneur Sanjay Mandavia. Imperial Capital is an funding banking and wealth administration firm primarily based in Dubai.

The second bid was from the consortium of London-based monetary providers agency Kalrock Capital and entrepreneur Murari Lal Jalan.

All of the executives Moneycontrol spoke to mentioned that the Kalrock-Jalan consortium was forward within the race.

One of many senior executives quoted above added that about 60 % of the votes had are available by Friday afternoon (October 16).

The successful bid wants 66 % of the votes.

State Financial institution of India is the lead lender to Jet Airways, which was grounded in April 2019. It has money owed of over Rs 8,000 crore and faces whole claims of near Rs 40,000 crore.

First Revealed on Oct 16, 2020 09:08 pm

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