Jet Airways’ seemingly endless search for a buyer has been kept out of the news since the Covid-19 pandemic engulfed the world.
However its resolution professionals have been quietly beavering away to find a serious buyer with deep enough pockets, more than a year since it went into bankruptcy.
It has now whittled expressions of interest down to four potential buyers, but long time front runner Synergy Group isn’t one of them.
According to insiders, Synergy was disqualified from bidding ‘under Section 29A of the Insolvency and Bankruptcy Code.’
This is because Synergy is a stakeholder of South America based Avianca which filed for bankruptcy last month.
Synergy had been in the race almost from the beginning and had submitted multiple expressions of interest as several bidding deadlines were extended.
The four selected bidders are thought to be UK based Kalrock Capital Partners, a consortium led by Abu Dhabi-based Imperial Capital Investments, Canada businessman Sivakumar Rasiah, and Kolkatta’s Alpha Airways.
All bidders are relatively unknown, with analysts not confident any of these will actually result in a deal.
To stay in the running, they are requested to make binding bids by July 11.
