INSUBCONTINENT EXCLUSIVE:
AdiGroup will hold 49% in Jet Airways followed by employee consortium's 26%.London-based AdiGroup along with Jet Airways Employee
Consortium have partnered to bid for 75 per cent stake of Jet Airways under the insolvency resolution process.At present, the grounded
airline is under the insolvency resolution process of the National Company Law Tribunal.The AdiGroup and Jet Employees Consortium combine is
confident of reviving the airline by successfully bidding for the airline under the process.AdiGroup Chairman Sanjay Viswanathan said the
combine expects a likely investment of Rs 2,500-5,000 crore
Nonetheless, he said the exact figures will be reached once complete financial details about the company's liability emerge.However, he
did not reveal the source of funding, but said that AdiGroup will hold 49 per cent followed by employee consortium's 26 per cent and the
rest will be handed to Indian lenders.According to Mr Viswanathan, feelers have been sent to the NCLT about the combine's forthcoming bid
via the resolution professional."We are confident that DGCA, lender group (Indian and Foreign), operational creditors and aircraft lessors
will be flexible and benign to catalyse our 'Turnaround Plan' for Jet Airways
We will more than recompense them for this leap of faith in our partnership," Mr Viswanathan, said.Under the NCLT process, the resolution
professional will first finalise a list of genuine claimants of due money from Jet
It has asked all to submit claims before the IRP by July.A committee of creditors (CoC) will then be formed which will invite expression of
interest (EoI) from potential bidders
If a bid is approved by a majority of CoC members, only then resolution can move ahead
A formal concurrence from the NCLT, though, will be required.Get Breaking news, live coverage, and Latest News from India and around the
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