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Committee of creditors to finalise investor hunt process for Jet Airways

The committee of over 25 creditors will have its first meeting on Tuesday with the interim resolution professional (RP), appointed by the bankruptcy court.

, ET Bureau|
Updated: Jul 15, 2019, 05.45 PM IST
Jet saga: CoC to finalise investor hunt process for Jet Airways Tuesday
Jet saga: CoC to finalise investor hunt process for Jet Airways Tuesday
MUMBAI: The committee of creditors for bankrupt airline Jet Airways will Tuesday likely finalise details to start the process to find it a new investor, said a person close to the development.

The committee of more than 25 creditors including overseas financial institutions such as Mashreq, apart from Indian lenders, will have their first meeting Tuesday with the interim resolution professional (RP), appointed by India’s bankruptcy court to implement the resolution.

Ashish Chhawchharia of Grant Thornton is the appointed RP.

“The court has asked the RP to fast track the resolution process. In line with that, he plans to call for expressions of interest by the end of the upcoming week,” the person told ET on Sunday.

The National Company Law Tribunal admitted an insolvency plea from Jet’s top lender State Bank of India last month as the airline had repeatedly defaulted on loan repayments. The court will next meet on July 23 on the Jet case.

India’s oldest private carrier stopped operations on April 17, strapped of cash and failing to raise more money. The RP is now in the process of collating claims from creditors including employees who havent been paid since January.

Meanwhile, potential investors including the Hinduja Group and a venture of Jet’s employees and UK based Adi Partners have met Chhawchharia, while sources have said the Tata Group may bid for some assets of Jet. A bidding process carried out by Jet’s lenders failed to find a fresh investor for Jet.

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