Economy

Deadline for Jet bids extended to Friday

Deadline for Jet bids extended to Friday

The fuel supply was also discontinued on March 4 and 5 and was restored only after the airline management assured of the payments.

To add to the airline's woes, aviation regulator Directorate General of Civil Aviation announced on Wednesday it de-registered seven Boeing 737-800 aircraft of Jet. "The action came following the airline breaching its bank guarantee limits with the company", an Indian Oil Corporation official said.

According to International Olympic Committee sources, the fuel supply to Jet Airways was stopped at about 3 pm and resumed by 8:30 pm.

According to SBI Capital Markets, which is advising the lenders to find new investors for the carrier, qualified bidders should submit their respective binding bids by April 30.

The airline owes the over Rs 8,000 crore to a consortium of lenders, led by the State Bank of India.

Canadian airline Air Canada also remains in talks with lenders for a potential bid, but has sought more time from banks for submission of EOI, which is the reason why the SBI-led consortium chose to extend the bidding deadline to April 12, sources told CNBC-TV18.

As per the "clarification to bidders" document issued by investment banking major SBI Capital Markets (SBI Cap), the last date for EoI submission has been extended from Wednesday 6 p.m.to April 12, 6 p.m.

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In a consortium, each member has to submit solvency certificate, which is a proof of an entity's financial stability.

A Europe-based cargo firm Worldwide Flight Services seized Jet's 777-300 ER at Schiphol Airport over outstanding dues on account of handling charges.

In another development, the airline was forced to delay its Amsterdam-Mumbai flight (9W231) after a European cargo agent seized one of its B777 for non-payment of the dues to his company.

Troubles for the full service carrier have mounted over the last several months, as operating expenses rose and many of its planes were grounded as the loss making airline failed to pay its lessors.

Jet, however, said the flight was delayed due to "operational reasons".

The union, which is responsible for representing more than 1,100 Jet Airways pilots, has set a payment deadline for April 14th.


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