Offers from two bidders for bankruptcy Jet Airways (India) Ltd. rated low by lenders currently negotiating with prospects, said three people with direct expertise.
The offerings of the consortium of Kalrock Capital and Murari Lal Jalan and another consortium of Imperial Capital, Flight Simulation Technique Center and Big Charter Pvt. would lead to high discounts for financial creditors, said two of the three previously quoted people on condition of anonymity.
The Kalrock Capital consortium has offered the financial creditors up to 1,200 billion over a period of ten years. The second consortium, led by Imperial Capital, has offered to pay Rs 60 billion to financial creditors for the first two years of operation, Rs 60 billion to business creditors and Rs 480-500 billion to invest in the airline, people said.
Jet Airways’ financial creditors, led by the State Bank of India, are owed Rs.8,232 billion, while operating creditors have dues of Rs.7,300 billion, as available on the airline’s website.
A Kalrock Capital spokesperson confirmed in an email response to BloombergQuint that the company had submitted a wind-up plan but declined to comment on media reports on details of its offer until publication is required under IBC law.
Imperial Capital, Flight Simulation Technique Center and SBI did not respond to inquiries on Wednesday morning. Resolution expert Ashish Chhawcharia declined to comment.