MUMBAI: Lenders to Jet Airways (India) Ltd are unlikely to consider an initial bid from Naresh Goyal, the airline’s ousted founder, to regain control of the debt-laden carrier, two people directly familiar with the bidding process said.
Goyal was allowed to submit an expression of interest (EoI) on the condition that he bid as part of a consortium with other investors where he would hold a minority stake, the people cited above said, requesting anonymity. Those conditions have not been met in his bid submitted on Friday. A final decision on the bid would be conveyed to Goyal after considering legal opinion, they said.
In March, Goyal was forced to cede control of the airline he had founded more than two decades ago, after Jet Airways, saddled with over $1 billion in debt, defaulted on payments to banks and aircraft lessors.
