InvestorQ : Has Jet Airways finally managed to get some bidders for the assets? What does that mean for IBC?
Aashna Tripathi made post

Has Jet Airways finally managed to get some bidders for the assets? What does that mean for IBC?

Answer
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Tisha Malhotra answered.
4 months ago


The Resolution Professionals in charge of the sale of Jet Airways have short-listed four companies to make final bids for Jet Airways. A total of 7 companies had submitted EOIs. Three of these companies, including Synergy Group of South Africa, have been disqualified. The next step is for the four shortlisted entities to submit binding bids for Jet stake. The four shortlisted companies will be given 1 month for the due diligence. Under Section 29A, any entity that contributes to financial distress of a corporate debtor is deemed not fit and proper to bid under IBC. This resulted in Synergy being disqualified.