A company belonging to the diversified Vedanta conglomerate, led by billionaire Anil Agarwal, has submitted an expression of interest (EoI) for Jet Airways. The EoI has been submitted through Volcan Investments, a holding company owned by Agarwal’s discretionary trust. “Volcan Investments, investment company for Anil Agarwal, in an exploratory move, has sought an EoI for Jet Airways, to understand the business scenario for the company and the industry,” the group said in a statement, adding, “This EoI is in no way linked to Vedanta.”
Two other EoIs were received for the troubled airline, which on April 17 temporarily suspended all its flight operations — one from Panama-based Avantulo Group and the other from a Russian private equity firm.
Etihad Airways, Jet’s strategic partner, has not submitted an EoI. The last date for submission of EoIs for resolution of the grounded airline was August 10. Over the next few days, the EoIs will be evaluated and the resolution professional (RP) for Jet is expected to issue a provisional list of eligible applicants, if any, by August 13.
Eligible resolution applicants will have time till September 12 to submit their plans. The final resolution plan is expected to be submitted on September 27 before the National Company Law Tribunal (NCLT) for its approval.
On June 20, the NCLT initiated insolvency proceedings against the airline following an application moved by SBI. In its order, the NCLT sought a speedy resolution for Jet Airways as it was considered a matter of “national importance”. Passing the order, Justice VP Singh said the resolution process should be completed within 90 days.
Jet halted operations on April 17 after lenders refused to provide emergency funding. Since then, the ministry of civil aviation has reallocated the Jet’s slots to other airlines on a temporary basis till October.
Source: Financial Express, August 12, 2019