MUMBAI: Bankrupted company Jet Airways has informed the stock exchange that the court-appointed resolution professional Ashish Chhawchharia has filed a resolution plan with the National Company Law Tribunal. Last month, the committee of creditors had approved a resolution plan for Jet submitted by Murari Lal Jalan and Florian Fritsch.
While the company has not given details of the bid, sources said that the joint bidders will bring in Rs 380 crore upfront which will be paid to the financial creditors. An additional Rs 590 crore will be paid by the new promoters over five years. Lenders will also get 10% of the free cash flows in the airlines. They will also get a minority stake in Jet Airways.
According to the Jet Airways website, the the airline has Rs 6,419 crore of claims from domestic lenders have been admitted. In addition, there are Rs 1568 crore of claims from foreign lenders and Rs 284 crore from lessors resulting in total admitted claims of Rs 8272 crore from financial creditors most of which has been written off.
In terms of the proposal, the new promoters will restart international and domestic operations and add cargo services as well and expand the fleet to 120 over five years.
