The bidding process initiated by lenders of Jet Airways has technically failed because not a single entity submitted a binding bid as required by the SBI Capital Markets Ltd. (SBI Caps) on behalf of the consortium of lenders.
Etihad Airways might have responded by submitting its bid just before the 6 p.m., May 10, 2019 deadline, but it has clarified that its bid is purely conditional and not binding as made out to be.
With this, the lenders would have no problem in entertaining the already received two unsolicited bids if their proposals are anyway better than the one offered by Etihad.
Till going to the press neither SBI Caps nor State Bank of India (SBI), which is leading the consortium of lenders, said anything on the contents of the bid received from Etihad. A detailed e-mail to Etihad yielded no response.
