Jet Airways' RP hints at giving more time to Safrican bidder Synergy

The resolution professional Jet Airways on Wednesday said South American company the sole interested party in the grounded airline, is likely to get an extension to submit the bid.

Synergy Aerospace is still doing due diligence of Jet Airways, which was admitted for the insolvency on June 20, the airlines resolution professional Ashish Chhauchharia told the NCLT.

The South American company may get time beyond October 14, the final date for submitting the bids, Chhauchharia said. Meanwhile, the RP also submitted the sixth progress report on the insolvency process of the airline that stopped flying from April 17.

He said, Synergy has had discussions with senior officials of the aviation ministry and the Directorate General of Civil Aviation.

Meanwhile, Chhauchharia informed the tribunal that the committee of creditors have agreed to the terms of consent for Lucky Star with 95.5 percent votes.

The RP said Jet has agreed to vacate Siroya Center in the BKC and move the office to one of its own premises.

"The committee of creditors feel that Siroya Center has become a matter of liability and raising the cost of the bankruptcy process. Hence, they have unanimously agreed for a settlement. The premises will be vacated by Jet within 45 days as mentioned in the settlement," he added.

But the tribunal was not sure about the outcome saying vacating the premises may affect the resolution process as the airline has its registered address with Siroya Center.

The tribunal posted the matter for further hearing on November 5. Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.

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