Lenders to ask interested buyers to submit bids for Jet till Apr 9

Lenders of troubled carrier Jet AirwaysNSE -0.90 % have decided to call buyers interested in the airline to submit expression of interest starting April 6 as part of their resolution plan. The move is fallout of lenders hoping to sell their stake after the Supreme Court set aside the Reserve Bank of India’s revised framework for the resolution of stressed assets. The bids would close on April 9, 2019.

The Supreme Court ruling could stall the airline board’s plan wherein lenders would take over the airline’s debt and convert it into 11.4 crore shares for just Re 1. “The lenders are cognizant that the outcome of the efforts of the lenders will depend on the interest shown by the parties on sale of stake in the company. Whilst all efforts will be made for the stake sale by the lenders, other options may be considered by the lenders, should these efforts not result in an acceptable outcome,” said a statement from lenders of Jet Airways.