Banks to invite bids for Jet Airways stake sale on 6 April
New Delhi: Lenders to Jet Airways (India) Ltd on Thursday said bids for a stake sale in the cash-strapped airline will be invited on Saturday and that the Jet Airways stake sale will be completed in a time-bound manner. However, in the absence of satisfactory bids, lenders may explore initiating bankruptcy proceedings against Jet Airways.
The statement clears the uncertainty over Jet Airways’ bailout plan after the Supreme Court on Tuesday struck down Reserve Bank of India’s (RBI) 12 February 2018 circular for bad loan resolution.
Jet Airways’ lenders intend to pursue the bank-led bailout plan for a stake sale in the company under the present legal and regulatory framework and intend to invite expressions of interest, they said in a statement. The bailout plan will lead to lenders becoming the majority shareholders of Jet Airways.
