Jet Airways extends deadline for initial bids to Aug 10

Jet Airways and its lenders have been searching for new investors since its planes were grounded and staff left unpaid (Reuters File Photo)

The deadline for submission of initial bids for Jet Airways has been extended to August 10, according to a regulatory filing.

The shuttered airline is undergoing insolvency resolution process and the deadline for Expression of Interest (EoI) was ending on Saturday.

In a filing to stock exchanges on Saturday, the airline said the last date for submitting EoIs has been extended on the basis of requests received from prima-facie credible interested resolution applicants for some additional time.

The extension of the deadline is subject to formal ratification by the Committee of Creditors (CoC).

The last date is being extended to "ensure the objectives of the IBC are achieved and we are able to maximize the value of the assets of the corporate debtor and achieve a better outcome for all stakeholders in this fast-track process," the filing said.

An insolvency professional is managing the affairs of Jet Airways under the Insolvency and Bankruptcy Code (IBC).

The once-storied carrier closed down its operations on April 17 and lenders moved the National Company Law Tribunal (NCLT) to recover dues in June.

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