grounded naresh goyal looks to reboard, may bid for jet airways

by:Powerful Toys     2019-12-16
Mumbai: Jet Airways sponsor Naresh Goyal plans to submit a proposal to re-control the company after resigning under pressure from lenders.
There is no legal limit for Goyal to bid for his own airline.
Rajnish Kumar, chairman of the performance agency, said last month that \"it could be a financial investor or an airline. . .
Including Naresh Goyal himself or Etihad.
No one is prohibited from bidding or taking over the airline under the rules.
\"Among the people who asked about the plane, including Etihad and Air Canada.
Those who are interested in buying an airline can apply by email until Friday night.
Bankers say they can only answer calls after reviewing all bids.
Reports of Goyal\'s planned bid drew a different reaction from bankers who did not want to speak publicly.
According to a lender with a small exposure to Jet Airways, the goal of the resolution is to come up with a solution like the national corporate law tribunal (NCLT)
The process under the Bankruptcy Code.
The resolution was carried out outside the insolvency proceedings with the aim of ensuring that the business was not affected.
Allowing Goyal to recover the airline through debt relief would go against the spirit of the IBC, he said.
The total risk of the bank and the National Bank of India is more than 8,000 rupees (SBI)
National Bank of Punjab (PNB)
Leading the consortium.
Another lender, however, said there was nothing to prevent the lender from considering Goyal\'s offer because he was not the one who deliberately defaulted.
The lender appointed Ernst & Young to conduct a forensic audit but found no adverse circumstances.
In addition, since the procedure does not fall under the bankruptcy and Bankruptcy Act (IBC)
, As long as all lenders agree, there is no problem with restructuring the loan.
He added that one of the proposals being discussed was to purchase loans from banks outside the consortium to ensure that all lenders were on the same page and that airlines would not be dragged to NCLT.
Some lenders outside the consortium have already provided loans to the company based on the safety of the aircraft.
At the same time, the SBI has contacted the Treasury Department and said it should not just let the lender get the airline back up.
The bank says other government agencies that Jet Airways owes money to can improve the chances of recovery by making some sacrifices.
According to bankers, in the IBC process, the priority of operating creditors is lower than that of lenders.
But here they ask for full payment.
So far, once Goyal steps down, lenders have been betting on Etihad showing interest.
There is news that interest is expressed (EoI)
Taking into account the eligibility of Etihad when drafting the document, the lender did not adhere to the profit record.
However, EA Partners, an investment tool for Etihad, lost money on its early airline investments and was cautious about additional funding.
Although many private equity investors are just asking questions, Air Canada and Etihad seem to be good competitors, according to bankers.
Goyal\'s proposal was considered mysterious because he was unable to introduce any capital, forcing him to pledge 26% shares and lose control of management.
The lender is curious about the source of the Goyal funds.
While banks are willing to provide emergency funding and restructuring loans, they do not want to do so until someone agrees to introduce equity.
If no equity investor appears, the lender may have no choice but to file a lawsuit at NCLT.
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