Jet Airways' creditors decide to seek fresh bids

Synergy Group, the sole potential bidder for Jet Airways, had sought more time to take a decision on investing in the grounded airline.

The creditors of shuttered Jet Airways have decided to seek fresh initial bids for the airline.

The Committee of Creditors (CoC) would seek fresh Expression of Interest (EoI), according to a regulatory filing on Monday.

Earlier this month, the National Company Law Tribunal (NCLT)  had directed the CoC to expedite their decision on seeking fresh EoIs in view of new interest being shown for the grounded airline.

Once a storied full service carrier, Jet Airways stopped flying in April after it ran out of money for daily operations.

The airline is undergoing resolution process under the Insolvency and Bankruptcy Code (IBC).

"... the CoC passed the resolution to issue fresh invitation of Expression of Interest for the corporate debtor in the e-voting concluded on December 22, 2019," the filing said on Monday.

Synergy Group, the sole potential bidder for Jet Airways, had sought more time to take a decision on investing in the grounded airline.

The tribunal had also approved extension of Jet Airways insolvency resolution period by 90 days.

Photograph: Reuters