Beleaguered Jet gets another EoI; CoC extends deadline for resolution plan

Russia-based Far East Development Fund has submitted an expression of interest (EoI) for the beleaguered Jet Airways, sources close to the development said. This is the third EoI that the airline has received in the second round of bidding.

Following the development, the committee of creditors on Tuesday decided to extend the date for submitting a resolution plan to March 9. The Russian fund submitted their interest to the resolution professional on February 14 and also hired a consultancy firm to help them with the bidding process. The idea behind the bid is to explore developing Moscow and St. Petersburg as hubs for India-Europe and India-US traffic. The fund is also keen to introduce Russian civil aircraft like Sukhoi SuperJet 100 in the Indian market, said a source. The Russian fund proposes to set up a consortium of Russian financial and aviation companies for revival of the airline.