The committee of creditors (CoC) of collapsed Indian carrier Jet Airways has once again extended the deadline for the submission of a resolution plan for the company.
The committee of creditors (CoC) of collapsed Indian carrier Jet Airways has once again extended the deadline for the submission of a resolution plan for the company.
Resolution professional Ashish Chhawchharia of accounting firm Grant Thornton filed a notice with the Bombay Stock Exchange (BSE) on 27 November following approval at the fifth meeting of the CoC to extend the last date for submission of a resolution plan to 16 December. The committee also agreed to file an application to extend the insolvency resolution process by another 90 days.
Jet Airways collapsed in April due to a lack of funds and mounting debts, with creditors including the State Bank of India initiating the insolvency resolution process in June after failing to secure new investment.
South American group Synergy, which is majority owner of Avianca, is reported to be the only party to have submitted an expression of interest and has been conducting due diligence of the carrier, but the group has yet to submit a bid, missing the last deadline of 15 November.
Local reports say that Synergy had requested more time to submit a bid following its failure to date to secure a local partner. Under Indian regulations, a foreign company cannot hold more than 49% in a domestic carrier. Synergy has been reported to have been in discussions with Indian travel technology group Bird and UK-based Indian businessman Ravi Deol.
