SBI stands by Jet Airways but wants Naresh Goyal to step down
6 years ago

SBI stands by Jet Airways but wants Naresh Goyal to step down

Live Mint  

New Delhi: State Bank of India, the largest lender to cash-strapped Jet Airways Ltd, has asked the airline’s chairman Naresh Goyal, his wife and two other nominee directors to step down immediately, even as the bank said it was in the interest of lenders to revive the distressed carrier. In New Delhi, after a meeting with finance minister Arun Jaitley, SBI chairman Rajnish Kumar said that lenders to Jet Airways would make every effort to keep the airline from slipping into bankruptcy as it would further erode the company’s value. Kumar said talks with Etihad Airways PJSC, which owns 24% in Jet Airways, were still on and the Abu Dhabi-based investor had not conclusively decided to sell its stake in the Indian airline. “We believe it is in the lender’s interest, the country’s interest, the aviation sector’s interest that Jet Airways continues to fly,” said Kumar, adding that bankruptcy proceedings would be the last option.

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History of this topic

IBC can’t resolve airline bankruptcies: Experts at Mint BFSI Summit
1 year, 2 months ago

IBC can’t resolve airline bankruptcies: Experts at Mint BFSI Summit

Live Mint  

The Insolvency and Bankruptcy Code can't resolve airline bankruptcies, according to RK Bansal, CEO and managing director of asset reconstruction company Edelweiss ARC. Speaking during a panel discussion titled ‘IBC and Banks: Challenges and Solutions’ at the Mint BFSI Summit and Awards 2024, Bansal highlighted a fundamental issue in the Indian aviation sector – most airlines don't own their planes …

Jet Airways revival hits new snag as banks push back on funding
2 years, 3 months ago

Jet Airways revival hits new snag as banks push back on funding

Live Mint  

Lenders to bankrupt Jet Airways India Ltd. are resisting a court-approved resolution plan, further delaying the former No. The primary dispute is about whether the new owners of Jet Airways need to pay more money into the pension funds of ex-employees, the people said, asking not to be identified because they’re not authorized to speak publicly about the matter. Banks, …

Jet Airways to Resume Domestic Operations in Q1 of 2022
3 years, 6 months ago

Jet Airways to Resume Domestic Operations in Q1 of 2022

The Quint  

As per London-based Jalan Kalrock Consortium, the winning bidder for Jet Airways, the airline will begin its domestic operations, as well as short-haul international flights by the first quarter of 2022, and third and fourth quarter of 2022, respectively. Murari Lal Jalan, who is the Lead Member of the Jalan Kalrock Consortium and the proposed Non-Executive Chairman of Jet Airways …

Jet Airways: CoC decides to extend deadline for bids to 10 March after Russian Fund shows interest in grounded airline
5 years, 1 month ago

Jet Airways: CoC decides to extend deadline for bids to 10 March after Russian Fund shows interest in grounded airline

Firstpost  

The deadline for submitting the bids for Jet Airways, which is undergoing insolvency process, ended on Monday The Committee of Creditors of grounded airline Jet Airways decided to extend the deadline for submission of bids to 10 March on Tuesday as a new entity has evinced interest in the airline, according to a source. #aviation https://t.co/cJwhEuapr1 — CNBC-TV18 February 18, …

Jet Airways revival plan: Creditors panel to meet today, may decide on extending deadline to two suitors keen on crisis-hit airline
5 years, 1 month ago

Jet Airways revival plan: Creditors panel to meet today, may decide on extending deadline to two suitors keen on crisis-hit airline

Firstpost  

The second bidder, South America-based Synergy Group, did not submit a plan for Jet Airways and the group reportedly sought clarity on slots in the domestic and international routes of the grounded airline. Even as Jet Airways’ Committee of Creditors is to meet today to decide on extending deadline to two suitors that have evinced interest in the grounded airline, …

Hinduja Group still interested in Jet Airways after approach by govt, banks; resolution professional invites fresh EoI for defunct airline
5 years, 3 months ago

Hinduja Group still interested in Jet Airways after approach by govt, banks; resolution professional invites fresh EoI for defunct airline

Firstpost  

Earlier in June, the Hinduja Group had backed out of bidding for the Naresh Goyal-owned airline as they felt it was too risky for them to get involved due to the then ongoing government investigations and the insolvency pleas submitted by operational creditors at the NCLT, The Hinduja group is still keen to bid for the grounded airline, Jet Airways. …

Jet Airways crisis: Naresh Goyal, debt-laden airline come under SFIO investigation for fund diversion
5 years, 4 months ago

Jet Airways crisis: Naresh Goyal, debt-laden airline come under SFIO investigation for fund diversion

Firstpost  

In July this year, the government had ordered an investigation into the alleged mismanagement of funds at Jet Airways, which halted operations in April this year after running out of cash. The Serious Fraud Investigation Office reportedly initiated an investigation into fund diversion allegedly by Goyal though general sales agents model of Jet Airways, said a report in Business Standard. …

Jet Airways stake sale: Will grounded airline be left with just one bidder? Russian fund Treasury RA Creator may be disqualified, says report
5 years, 6 months ago

Jet Airways stake sale: Will grounded airline be left with just one bidder? Russian fund Treasury RA Creator may be disqualified, says report

Firstpost  

Russian fund Treasury RA Creator did not provide enough information about itself to Jet Airways’ insolvency resolution professional The number of bidders for grounded airline Jet Airways is getting fewer and fewer. Russian fund Treasury RA Creator did not provide enough information about itself to Jet Airways’ insolvency resolution professional nor did it deposit the mandatory amount required to seek …

Jet Airways stake sale: Lenders of bankrupt airline give third extension for EoI to 31 Aug
5 years, 6 months ago

Jet Airways stake sale: Lenders of bankrupt airline give third extension for EoI to 31 Aug

Firstpost  

The bankruptcy court had on 20 June appointed Ashish Chhawchharia as RP, who late last month had floated EoIs for Jet Airways that stopped flying mid-April. Mumbai: The lenders to the defunct Jet Airways Monday for the third time extended the deadline for submission of expressions of interest for stake sale in the bankrupt airline to 31 August after a …

Jet Airways crisis: Lenders mull liquidation of grounded airline after EoIs attract no major bidder, CoC may meet this week
5 years, 7 months ago

Jet Airways crisis: Lenders mull liquidation of grounded airline after EoIs attract no major bidder, CoC may meet this week

Firstpost  

The decision of Abu Dhabi-based Etihad Airways to exit from the resolution plan of the crisis-hit airline has reportedly hastened Jet Airways’ liquidation process. The revival of grounded Jet Airways seems to be over with the debt-laden airline’s strategic partner Etihad Airways reportedly moving out of the resolution plan, said a media report. The decision of Abu Dhabi-based Etihad Airways …

Jet Airways crisis: Etihad Airways says will not express interest to invest in cash-strapped airline on unresolved liabilities
5 years, 7 months ago

Jet Airways crisis: Etihad Airways says will not express interest to invest in cash-strapped airline on unresolved liabilities

Firstpost  

Etihad acquired a 24 percent stake in Jet Airways in 2013, at a time when the carrier had needed significant financial support. Dubai: Abu Dhabi’s Etihad Airways said on Monday it will not express interest in reinvesting in Jet Airways because of unresolved issues concerning the Indian airline’s liabilities. Etihad acquired a 24 percent stake in Jet Airways in 2013, …

Jet Airways’ $3bn debt scares away two potential investors
5 years, 7 months ago

Jet Airways’ $3bn debt scares away two potential investors

Al Jazeera  

The Indian airline owes more than $3bn to its lenders, lessors, staff and other suppliers. Creditors’ hopes of resurrecting India’s Jet Airways and salvaging some value from the bankrupt airline were dealt a fresh blow on Monday as two potential investors said they were no longer interested in putting money into the business. Separately, the United Arab Emirates’ Etihad said …

No longer interested in Jet Airways, says Anil Agarwal
5 years, 7 months ago

No longer interested in Jet Airways, says Anil Agarwal

Live Mint  

Mumbai: Chances of a revival of Jet Airways Ltd faded, with billionaire Anil Agarwal’s Volcan Investment, which had submitted an expression of interest for the grounded airline, deciding not to pursue the matter. Jet Airways’ lenders, who have been trying to sell the airline as a going concern for the past five months, had received three EoIs on Saturday—from Volcan, …

Jet’s liabilities prevented Etihad from lodging EoI
5 years, 7 months ago

Jet’s liabilities prevented Etihad from lodging EoI

Live Mint  

Mumbai: Etihad Airways PJSC, which owns a 24% stake in Jet Airways Ltd, on Monday said it declined to lodge an expression of interest for its grounded partner due to unresolved issues concerning the Mumbai-based airline's liabilities. "Etihad remained engaged in the process, but despite the endeavours of everyone involved there remained very significant issues relating to Jet’s previous liabilities," …

Jet Airways receives EoIs from Anil Agarwal’s family trust, two other companies
5 years, 7 months ago

Jet Airways receives EoIs from Anil Agarwal’s family trust, two other companies

Live Mint  

Lenders to grounded Jet Airways Ltd have received expressions of interest from Anil Agarwal’s family trust, Panama-based fund Avantulo Group and a Russian firm, two people aware of the development said on the condition of anonymity. Access to prime slots at key airports, a stake in a profitable frequent flyer programme and a few relatively old planes appear to be …

Jet Airways crisis: SBI moves intervention plea against HDFC claim on airline's BKC property; NCLT adjourns matter for 8 August
5 years, 7 months ago

Jet Airways crisis: SBI moves intervention plea against HDFC claim on airline's BKC property; NCLT adjourns matter for 8 August

Firstpost  

Mumbai: State Bank of India, the lead lender to the bankrupt Jet Airways, on Wednesday moved an intervention application against mortgage lender HDFC’s plea claiming rights over a portion of the airline’s BKC property. On 4 July, the mortgage lender HDFC had moved the NCLT seeking to keep the airline’s BKC property out of the bankruptcy process saying three floors …

Cash-strapped Jet Airways lenders attempt to sell bankrupt carrier again; to call bids for asset sale by 20 July
5 years, 8 months ago

Cash-strapped Jet Airways lenders attempt to sell bankrupt carrier again; to call bids for asset sale by 20 July

Firstpost  

Last month, JetAirways’ creditors, led by State Bank of India, took the airline to the bankruptcy court after failing to agree on a revival plan New Delhi: Lenders to Jet Airways will open bids to sell the bankrupt airline on 20 July as they look to recover about 85 billion rupees of loans, two sources familiar with the matter said …

Delhi HC refuses to grant urgent relief to Jet Airways founder Naresh Goyal
5 years, 8 months ago

Delhi HC refuses to grant urgent relief to Jet Airways founder Naresh Goyal

Live Mint  

New Delhi: Delhi High Court on Tuesday refused to grant urgent relief to founder of Jet Airways Naresh Goyal, and sought response from the Centre on his plea to travel abroad. The circular against Goyal was issued by the corporate affairs ministry after it found several irregularities in the airline company, following which Goyal and his wife were offloaded from …

Jet Airways crisis: SBI-led lenders file for grounded airlines' bankruptcy; hearing from Wednesday
5 years, 9 months ago

Jet Airways crisis: SBI-led lenders file for grounded airlines' bankruptcy; hearing from Wednesday

Firstpost  

Mumbai: The consortium of 26 bankers led by State Bank Tuesday took the grounded Jet Airways to the National Company Law Tribunal to recover their dues of over Rs 8,500 crore. Jet Airways, started over 25 years ago by airline-ticketing-agent-turned-entrepreneur Naresh Goyal, stopped flying on 17 April after it ran out of cash and the unpaid lessors took away most …

Investors continue to dump Jet Airways shares; tank 15% after lenders decide to move airline to NCLT
5 years, 9 months ago

Investors continue to dump Jet Airways shares; tank 15% after lenders decide to move airline to NCLT

Firstpost  

New Delhi: Jet Airways stock tumbled nearly 15 percent on Tuesday after State Bank of India-led consortium of lenders decided to send the grounded airline to the National Company Law Tribunal. Harried bankers on Monday decided against an outright sale of Jet Airways to the lone bidder, and instead voted to send it for bankruptcy to recover their Rs 8,000 …

Jet Airways slips into memory as a loved brand after an inept SBI-led consortium forces carrier to crash-land onto bankruptcy court
5 years, 9 months ago

Jet Airways slips into memory as a loved brand after an inept SBI-led consortium forces carrier to crash-land onto bankruptcy court

Firstpost  

Exactly two months ago, Jet Airways took the decision to ground their flights after running out of cash. To be honest, the banks have been as clueless about their approach towards Jet Airways as the cash-strapped airline has been since the time they defaulted on the loans. So, SBI came out stating, “no problem, we will soon find a buyer …

Jet Airways crisis: SBI-led consortium gives up revival bid, votes for bankruptcy court to recover Rs 8,000 cr dues
5 years, 9 months ago

Jet Airways crisis: SBI-led consortium gives up revival bid, votes for bankruptcy court to recover Rs 8,000 cr dues

Firstpost  

The Etihad-Hinduja consortium had reportedly shown interest in Jet Airways but not given a concrete proposal yet, forcing the lenders to take the NCLT plunge Mumbai: Harried bankers on Monday decided against an outright sale of Jet Airways to the lone bidder, instead voted to send it for bankruptcy to recover their Rs 8,000 crore dues. The decision of the …

Jet Airways lands in NCLT as banks give up on revival
5 years, 9 months ago

Jet Airways lands in NCLT as banks give up on revival

Deccan Chronicle  

Mumbai: A consortium of banks led by the State Bank of India has referred the debt-laden Jet Airways to the National Company Law Tribunal for bankruptcy proceedings after negotiations with Etihad Airways and Hinduja Group did not fructify. "After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid …

Jet Airways to be taken to bankruptcy court
5 years, 9 months ago

Jet Airways to be taken to bankruptcy court

The Hindu  

As six months of efforts to save one of the country’s leading airlines, Jet Airways, failed, the lenders have now decided to take it to the bankruptcy court, which will decide the future course of action. “Lenders have been taking efforts to find a resolution for Jet Airways outside the IBC, but in view of the above, they have decided …

Jet Airways crisis: Lenders to meet today to finalise resolution for debt-laden airline; shares plunge over 18%
5 years, 9 months ago

Jet Airways crisis: Lenders to meet today to finalise resolution for debt-laden airline; shares plunge over 18%

Firstpost  

Last week, the I-T Department summoned Naresh Goyal, the founder of Jet Airways, for questioning in connection with an alleged tax evasion case. Last week, the Income Tax Department had summoned Naresh Goyal, the founder of Jet Airways, for questioning in connection with an alleged tax evasion case, reported Business Today. Meanwhile, the shares of Jet Airways continued the downward …

AdiGroup still interested in Jet Airways, but will wait only 48 hours: Report
5 years, 9 months ago

AdiGroup still interested in Jet Airways, but will wait only 48 hours: Report

Live Mint  

In a final push to revive the now grounded Jet Airways, London-based AdiGroup has again evinced interest in Jet Airways. According to industry insiders, the AdiGroup which was one of the unsolicited bidder for Jet is still interested to form a partnership with Etihad to operate the now grounded airline. The development comes after Jet's scrip continued to slip following …

Jet Airways shares plunge nearly 11% amid reports of Hinduja Group, Etihad Airways pulling out of recuse efforts
5 years, 9 months ago

Jet Airways shares plunge nearly 11% amid reports of Hinduja Group, Etihad Airways pulling out of recuse efforts

Firstpost  

Jet Airways’ scrip tumbled 10.58 percent to close at Rs 111.95 on the BSE. During the day, it plunged 14.41 percent to Rs 107.15 – its 52-week low New Delhi: Shares of Jet Airways Tuesday plummeted nearly 11 percent amid reports that Hinduja Group and Etihad Airways may not proceed with plans to resurrect the debt-ridden airline. According to a …

Jet Airways crisis: Hinduja Group, Etihad Airways reconsider investment; shares of airline slump as much as 14.8%
5 years, 9 months ago

Jet Airways crisis: Hinduja Group, Etihad Airways reconsider investment; shares of airline slump as much as 14.8%

Firstpost  

Promoters of Hinduja Group expressed concerns over ongoing government investigations into Jet Airways and insolvency pleas submitted by its creditors London-based Hinduja Group has reportedly decided to halt negotiations for buying a stake in now-grounded Jet Airways while Abu Dhabi-based Etihad Airways has put its plan on hold to invest further, a media report said. Promoters of Hinduja Group expressed …

Government investigations into Jet Airways could derail revival plan
5 years, 9 months ago

Government investigations into Jet Airways could derail revival plan

Live Mint  

Mumbai: The government’s investigations into Jet Airways Ltd and its founder Naresh Goyal could derail plans of the Hinduja Group, Etihad Airways PJSC and Abu Dhabi's sovereign wealth fund Mubadala Investment Company’s plan to invest in the grounded Indian carrier, people with direct knowledge of the matter told Mint. Jet Airways' revival was still a long shot away since there …

Unable to approve results: Jet
5 years, 9 months ago

Unable to approve results: Jet

The Hindu  

Jet Airways on Thursday informed the stock exchanges that it was not in a position to consider and approve audited financial results for the period ending March 31, owing to the ongoing bidding process and resignations of employees and directors. In a filing with the stock exchanges, the airline cited “ongoing bidding process undertaken by the domestic lenders for change …

Jet Airways crisis: Hinduja Group, Etihad Airways fail to strike deal for joint ownership of grounded airline
5 years, 9 months ago

Jet Airways crisis: Hinduja Group, Etihad Airways fail to strike deal for joint ownership of grounded airline

Firstpost  

Hinduja Group recently said it is evaluating the opportunity to invest in Jet Airways. The lenders of the beleaguered airline have expressed reservation to consider unsolicited bids Diversified Hinduja Group and Etihad Airways have reportedly failed to strike a deal for joint ownership of the now-grounded Jet Airways, a media report said. According to The Hindu Business Line, the Hinduja …

Etihad still hopeful of Jet take-off push
5 years, 10 months ago

Etihad still hopeful of Jet take-off push

India Today  

While the clouds of uncertainty still loom large over the future of Jet Airways, the Gulf carrier Etihad is still hopeful on reviving the grounded airline. In a statement to India Today, Etihad said, "Etihad continues to work directly with key stakeholders in India to help find a solution which would ensure Jet's return as a viable and competitive Indian …

Jet Airways staff seek aviation ministry’s help
5 years, 10 months ago

Jet Airways staff seek aviation ministry’s help

Live Mint  

Faced with the prospect of job loss, the employees of grounded Jet Airways knocked on the doors of government for helping to save the airline. We will try to meet Aviation Secretary Pradeep Singh Kharola and understand what government could do to protect our jobs," said a protesting employee working with the airline's engineering department. While lenders are vetting various …

Crisis-hit Jet airways may find its saving grace this week
5 years, 10 months ago

Crisis-hit Jet airways may find its saving grace this week

India Today  

Crisis-hit airline Jet Airways could find its saving grace this week as Indian conglomerate Hinduja Group is expected to place a bid for the airline, backed by minority shareholder Etihad Airways and founder Naresh Goyal. The Hinduja Group has fixed a meeting with Etihad Airways on May 23, where discussions will be held in order to revive the airline which …

Clarity on Jet Airways expected in a week, says SBI chief Rajnish Kumar
5 years, 10 months ago

Clarity on Jet Airways expected in a week, says SBI chief Rajnish Kumar

Live Mint  

New Delhi: It may not be over till it is over. Even as some industry veterans believe that grounded Jet Airways may have hit the end of the road, State Bank of India Chairman Rajnish Kumar remains optimistic that clarity over the future course of the airline will emerge in a week's time. Private equity firm TPG Capital, Indigo Partners, …

Grounded Jet Airways shares plummet over 24% in one month; market valuation erodes by Rs 451.26 cr to Rs 1,409 cr
5 years, 10 months ago

Grounded Jet Airways shares plummet over 24% in one month; market valuation erodes by Rs 451.26 cr to Rs 1,409 cr

Firstpost  

In one month, shares of Jet Airways tumbled 24.28 percent to Rs 124.10 on the BSE Friday from Rs 163.90 on 18 April New Delhi: Shares of Jet Airways have fallen over 24 percent in one month since the cash-starved airline suspended operations. Jet Airways witnessed top-level exodus earlier this week, with four senior executives, including chief executive Vinay Dube …

Jet Airways mess: Policy-makers, SBI must share blame for drift that puts textbook confusion over playbook clarity
5 years, 10 months ago

Jet Airways mess: Policy-makers, SBI must share blame for drift that puts textbook confusion over playbook clarity

Firstpost  

Leading policy-makers/administrators have let a prized brand like Jet Airways to drift in mid-air to the point of it running out of fuel, and are responsible for a mess in which ideology and bureaucracy have got the better of creative responses. I would like to ask: What if Jet Airways was treated as a going concern with the government playing …

Jet Airways' top management quits: Where is cash-strapped airline headed to with all old-timers having exited?
5 years, 10 months ago

Jet Airways' top management quits: Where is cash-strapped airline headed to with all old-timers having exited?

Firstpost  

The C-Suite might have waited on till 10 May, hoping that a new owner coming in would want to resurrect Jet Airways immediately, which would require their expertise and their long-standing knowledge of the working of the company. This followed the unsuccessful bidding process for the stake sale in the airline which was conducted by SBI Caps on behalf of …

Jet Airways revival: Lenders plan to approach unsolicited bidders after Etihad Airways' non-binding offer
5 years, 10 months ago

Jet Airways revival: Lenders plan to approach unsolicited bidders after Etihad Airways' non-binding offer

Firstpost  

The fund offer from Etihad Airways is not sufficient to overcome the liquidity crunch in Jet Airways as its total liabilities are reportedly about Rs 15,000 crore now. With the uncertainty persisting about the takeover of cash-strapped Jet Airways, lenders to the temporarily grounded airline are reportedly planning to approach unsolicited bidders as former strategic partner Etihad Airways has declined …

Jet Airways lenders to reach out to unsolicited bidders
5 years, 10 months ago

Jet Airways lenders to reach out to unsolicited bidders

Live Mint  

Lenders to Jet Airways Ltd will begin reaching out to unsolicited bidders for the grounded airline after existing shareholder Etihad Airways PJSC declined to raise its stake beyond the current 24%, said two people aware of the development, requesting anonymity. Etihad said also that it is interested in re-investing in a minority stake in Jet Airways subject to conditions that …

Jet Airways revival: Etihad Airways bids for minority stake in beleaguered airline; SBI-led lenders’ consortium, NIIF to get hit
5 years, 10 months ago

Jet Airways revival: Etihad Airways bids for minority stake in beleaguered airline; SBI-led lenders’ consortium, NIIF to get hit

Firstpost  

Etihad Airways’ decision to bid for Jet Airways could possibly be a way to preserve the bilateral it was given, as well as to protect its India feed. Etihad Airways PJSC’s bid for a minority stake in Jet Airways India is non-binding and subject to fulfillment of certain conditions by the temporarily grounded airline’s lenders, said two people aware of …

Jet Airways crisis: Etihad Airways bid in cash-strapped airline comes as a sign of relief but hinges on finding another partner
5 years, 10 months ago

Jet Airways crisis: Etihad Airways bid in cash-strapped airline comes as a sign of relief but hinges on finding another partner

Firstpost  

Etihad’s bid for Jet Airways is a sort of a surprise as it has run up $4.8 billion worth of losses over the past three years The tension was palpable. No one knows yet the terms set out by Etihad Airways with respect to investing in Jet Airways, given the bid is yet to be assessed. Etihad said, “Etihad Airways …

Hope floats for Jet as Etihad submits bid for a minority stake
5 years, 10 months ago

Hope floats for Jet as Etihad submits bid for a minority stake

Live Mint  

Etihad Airways PJSC said on Friday it has submitted a binding bid to retain a minority stake in Jet Airways, raising fresh hopes for a revival of the cash-strapped airline. “Etihad Airways today confirmed its interest to re-invest in a minority stake in India’s Jet Airways, subject to conditions,” it said. “Etihad re-emphasizes that it cannot be expected to be …

Jet Airways crisis: Etihad Airways submits binding bid; State Bank of India says it has received two unsolicited bids
5 years, 10 months ago

Jet Airways crisis: Etihad Airways submits binding bid; State Bank of India says it has received two unsolicited bids

Firstpost  

State Bank of India said on Friday that it has received two unsolicited bids for ailing Jet Airways, and “one” more is expected by the end of the day, keeping the hopes for the revival of the grounded carrier alive, nearly a month after the debt-laden airline was forced to ground all operations due to funding troubles. Etihad Airways is …

Two unsolicited bids received for Jet Airways, one binding bid expected by day-end: SBI chief Kumar
5 years, 10 months ago

Two unsolicited bids received for Jet Airways, one binding bid expected by day-end: SBI chief Kumar

Live Mint  

The State Bank of India has received two unsolicited bids for cash strapped Jet Airways Ltd., while another bid is expected before the end of the day, the bank’s chairman Rajnish Kumar said on Friday. Kumar, who didn’t elaborate the names of the bidders, added that a binding bid is expected from one of the four interested parties that had …

SBI says two bids received for Jet Airways
5 years, 10 months ago

SBI says two bids received for Jet Airways

Live Mint  

State Bank of India said on Friday it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles. Jet Airways, once India's largest private airline, stopped all flights on April 17 after its lenders, led by SBI, declined to extend more funds to keep the …

Jet Airways employees bid may be heard as others waver
5 years, 10 months ago

Jet Airways employees bid may be heard as others waver

Live Mint  

Mumbai: A bid being stitched together by pilots of the grounded Jet Airways India Ltd may get a hearing if no binding offers emerge from the four potential investors currently in the race, people with knowledge of the matter said. SBI Capital Markets Ltd, which is advising Jet Airways’s lenders, has received at least three unsolicited approaches, one of the …

SBI has received 1 binding bid and 2 unsolicited bids for Jet Airways
5 years, 10 months ago

SBI has received 1 binding bid and 2 unsolicited bids for Jet Airways

India Today  

State Bank of India chairman Rajnish Kumar today ruled out the National Company Law Tribunal route for tje grounded Jet Airways airlines. In an exclusive chat with India Today TV, SBI chairman said, "It is the option when no option is left so NCLT is the last option." Etihad Airways PJSC, India's National Investment and Infrastructure Fund and private equity …

UK entrepreneur says SBI allows him to bid for Jet Airways
5 years, 10 months ago

UK entrepreneur says SBI allows him to bid for Jet Airways

Live Mint  

British entrepreneur Jason Unsworth, who has evinced interest in investing in the now grounded Jet Airways, has claimed that the lenders' consortium leader State Bank of India has asked him to formally submit a bid for the airline. The development comes days after the British entrepreneur evinced interest in investing in Jet Airways. The airline revealed its advice to Unsworth …

Air India plan to induct Jet’s Boeing 777 planes stalls
5 years, 10 months ago

Air India plan to induct Jet’s Boeing 777 planes stalls

Live Mint  

Air India Ltd’s plan to lease five Boeing Co. 777 aircraft of Jet Airways Ltd has hit a roadblock as the biggest lender to the grounded airline has still to respond to the offer. “We have submitted our plans to State Bank of India and we are yet to hear from them,” said a senior Air India official, requesting anonymity. …

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