Sanjay Mandavia-led FSTC upped its offer for Jet Airways, lenders allow to revise resolution plan

FTSC in a consortium involving Big Charter and Imperial Capital Investments were among the top bidders identified by the Jet Airways committee.

Sep 29, 2020 03:09 IST India Infoline News Service

Jet-Airways3
A new twist has emerged in the resolution process of debt-laden Jet Airways, as it is now known that the Haryana-based Flight Simulation Technique Centre (FSTC) has raised its offer for acquiring the airline. FTSC is owned by the former Jet Airways pilot Sanjay Mandavia.

FTSC in a consortium involving Big Charter and Imperial Capital Investments were among the top bidders identified by the Jet Airways committee of creditors (CoC). Big Charter is also led by Mandavia.

The other consortium bidder would be UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan.

The consortium led by Flight Simulation Technique Centre (FSTC) upped its offer on September 28, sending the Jet Airways lenders again into a huddle, sources told Money Control.

Reportedly, the Committee of Creditors (CoC), which consists of the lenders, has now given time to the second consortium, if it wants, to revise its resolution plan. The second consortium is of London-based financial services firm Kalrock Capital and entrepreneur Murari Lal Jalan.

So far as per the report, the Kalrock Capital-led consortium was said to be ahead in the race.

At around 3 PM, Jet Airways stock was trading at the upper circuit limit of Rs27.90 per piece surging by 4.89% on Sensex.

A meeting was held by the creditors' committee on Monday.

Jet Airways, which was grounded last year in April was sent for insolvency & bankruptcy code (IBC) after it defaulted against a consortium of lenders led by the State Bank of India (SBI).

Related Story