Jet Airways: CoC extends deadline for bids to March 10

Grounded Jet Airways' Committee of Creditors (CoC) on Tuesday decided to extend the deadline for submission of bids to March 10 as a new entity has evinced interest in the airline, according to a source. The deadline for submitting the bids for Jet Airways, which is undergoing the insolvency process, ended on Monday.

"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," the source said. Against this backdrop, the CoC extended the deadline for submission of bids to March 10.

Ashish Chhawchharia, the resolution professional for Jet Airways, was not available for comments. Set up in 2011, the Far East Development Fund is a state finance development institution which warrants a flexible approach to projects' structuring and financing, as per its Linkedin profile.

Mumbai-headquartered Enso 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. It has interests in diverse sectors, including oil and gas, metal mining, healthcare, infrastructure and real estate, as per its website. Earlier, South American conglomerate Synergy Group and New Delhi-based Prudent ARC were given time to submit a resolution plan. Reportedly, they failed to meet the deadline.

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

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