Reportedly with prospective buyers lining up to take a shot at bagging Jet Airways cheap, its prime asset the flying license is under the aviation regulator's scrutiny that might derail the NCLT backed resolution process. Furthermore industry insiders privy to the development say that buyers are waiting for the final word from the regulator which is expected to be announced on July 16.
Meanwhile even the bankers to the now grounded airline are nervous. A revoked Air Operator Certificate (AOC) will render lower than expected recovery from the airline which has an outstanding of over Rs 8,000 crore. Reportedly AdiGroup Chairman Sanjay Viswanathan said the combined bidding entity expects a likely investment of Rs 2,500 crore-Rs 5,000 crore, adding that the exact figures will be reached once complete financial details about the company's liability emerge.
Moreover he did not reveal the source of funding, but said that AdiGroup will hold 49% followed by employees’ consortium's 26% and the rest will be handed to Indian lenders. Perhaps last week, a SBI insolvency plea was admitted by the NCLT to take the company under the resolution process and the airline is estimated to have a total liability of about Rs 25,000 crore which includes dues of operational creditors.
