Jet shut operations on April 17. Last month, its lenders decided to refer it to the insolvency court with the hope of finding a buyer. The National Company Law Tribunal has asked the IRP to complete the process in 90 days.
Creditor claims are being received as part of the insolvency process. Claims worth Rs 8,462 crore of domestic and overseas lenders have been admitted, while claims of Rs 1,380 crore rejected.
Lenders are voting this week to decide who can bid for the airline as they don’t want any frivolous players in the race, the committee of creditors (CoC) discussed in its first meeting on Tuesday.
E-voting should be over by Friday and advertisements inviting expressions of interest for Jet are scheduled to be out by July 20, said sources who attended the meeting. The suitors will get time till the first week of August to submit EOIs.
The CoC has finalised the voting rights of each lender based on amount owed. State Bank of India has 19.43 per cent votes, highest among all lenders followed by YES Bank (12.81) and Punjab National Bank (11.31).
In the first CoC meeting, the lenders took stock of the assets of the company, which include six planes, spare parts, slots, Jet Privilege shares, and other intangible assets. Interestingly, the plane confiscated by Dutch authorities is being treated as an asset. Sources said the team working for the IRP, Grant Thornton, had been engaging with the aviation ministry and the Directorate General of Civil Aviation regarding the slots that had been given away to other airlines temporarily. The interim RP has admitted the claims of the financial creditors worth Rs 8,500 crore.