Jet Airways' insolvency resolution professional on Wednesday invited fresh expressions of interest (EoI) for the grounded airline.
This is the fourth time that EoI has been invited for Jet Airways, which was shuttered last year.
The interested parties can submit EoI by May 28, while the final list of eligible prospective resolution applicants (PRAs) will be given to the lenders' committee on June 10, as per the EoI document.
"A process to invite resolution was initiated on July 20, 2019. However, based on a decision taken by Committee of Creditors (CoC), a fourth round for inviting EoI for submission of resolution plan has been initiated," said the document.
The decision for issuing fresh EoI was taken during the CoC meeting held recently.
It said a PRA can be strategic investors (SIs) and/or financial investors (FIs).
"The EoI and all its contents will be evaluated by the resolution professional (RP), on behalf of the CoC of the corporate debtor (Jet Airways) to determine our eligibility to submit a resolution plan," the document stated.
The last date for submission of a resolution plan by the eligible PRAs for the defunct airlines is July 11, as per the document.
As per the document the RP -- Ashish Chhawchharia, and the CoC reserve the right to withdraw the invitation for EoI and change or vary any part thereof at any stage and also reserve the right to disqualify any potential bidder, without assigning any reason and without incurring any liability, should it be so necessary at any stage.
The minimum net worth for a strategic investor has been kept at Rs 500 crore, and for financial investors at Rs 1,000 crore.
"In the event the PRA is a consortium, it would be required to have a lead consortium member identified upfront which shall be the entity with the single largest equity participation in the consortium with authority to bind, represent and take decisions on behalf of the consortium," the document read.
If the consortium is made up of a mix of strategic investors and financial investors comprising body corporates, FIs/funds/private equity investors/non-banking financial institutions/any such other applicants then either the SI members should meet the eligibility criteria or the FI members should meet the eligibility.
In March this year, the National Company Law Tribunal (NCLT) had allowed 90 days' extension for the corporate insolvency resolution process of the airline.
This came after the airline's resolution professional had filed an application in NCLT seeking 90 days' extension for the insolvency process after it failed to attract any bidder.
The CoC on February 18, had set a new deadline of March 10 for submission of bids for the grounded airline after South American conglomerate Synergy Group and New Delhi-based Prudent ARC failed to meet the previous deadline.
Later, Synergy Group backed out of the bidding process over slot issues. The March 10 deadline was set after Russia's Far East Asia Development Fund also evinced interest in Jet Airways.
The cash-strapped airline, which was grounded in April 2019, owes more than Rs 8,000 crore to banks, with public sector lenders having significant exposure.
The NCLT on June 20, 2019, admitted the insolvency petition filed by the lenders' consortium led by State Bank of India against Jet Airways.
Jet Airways has liabilities over Rs 26,000 crore, which include over Rs 10,000 crore of vendor dues, Rs 8,500 crore along with interest owed to the lenders, over Rs 3,000 crore in salary dues, and over Rs 13,500 crore in accumulated losses over the past few years.
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