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Jet Airways extends deadline for submitting EoIs by a week

A regulatory filing said that Jet Airways’ lenders extended the deadline to ensure that the objectives of the IBC are achieved
New Delhi: Jet Airways’ lenders announced their decision on Saturday to extend the deadline for submitting Expression of Interest (EoI) by a week to August 10. The news came on a day when the previous deadline to submit EoIs expired. The debt-ridden airline has so far elicited interest from four parties. Resolution professional Ashish Chhawchharia had floated EoIs for selling stake in the airline recently.

‘Deadline extended to ensure IBC objectives are met’

“On the basis of the requests received from credible interested resolution applicants for some additional time, the deadline for submission of EoI is been provisionally extended by a week to August 10,” the lenders said in a regulatory filing. The document said that the lenders extended the deadline to ensure that the objectives of the IBC are achieved and the value of assets of the debtor is maximised. “The revised deadline for submission stands at 4 pm, August 10,” it added.

The backdrop

Earlier this week, State Bank of India, Jet Airway’s lead lender had approved a Rs 10-crore interim funding and other banks are also in the process of approving the same. This came after the NCLT had asked the RP on July 23 to discuss Jet’s salary concerns with the lenders. The tribunal had then said that even if 100 percent cannot be paid to the employees a portion of the salary has be paid, keeping in mind the interest of the employees.