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Troubled Jet Airways gets new interest, deadline for submission of bids extended to March 10

Considering the latest developments, the CoC has extended the deadline for submission of bids till March 10.

SNS | New Delhi |

Troubled Jet Airways extended the deadline for submission of bids to March 10 as a new entity has evinced interest in the airline, reports stated.

Previously, the Jet Airways’ Committee of Creditors (CoC) had fixed Monday (January 17) as the last day for the interested parties to submit their bids for the company.

“A team from Far East Asia Development Fund of Russia along with Enso group met the CoC on Monday and has expressed interest in Jet Airways,” a PTI report quoted an anonymous source as saying.

Considering the latest developments, the CoC has extended the deadline for submission of bids till March 10.

The Far East Development Fund’s LinkedIn profile states that it was set up in 2011 and it is a state finance development institution that warrants a flexible approach to projects’ structuring and financing.

As per the reports, a Mumbai-based group has reportedly been roped in by the fund to find an Indian partner to form a consortium that would later put in a formal bid.

The bankrupt and cash-strapped airline was grounded in April 2019 due to increasing losses. The company owes more than Rs 8,000 crore to banks, with those from the public sector has significant exposure.

(With input from agencies)