On Friday, the UK based AdiGroup and a consortium of employees at Jet Airways announced partnership to bid for 75 per cent of the debt-ridden Jet Airways (India) Ltd. through a specific process of NCLT, members of the consortium said.
The first declared bankrupt Indian airline, Jet Airways has been admitted by National Company Law Tribunal an insolvency petition filed by State Bank of India on behalf of 26 lenders on June 20.
“Jet Airways Employee Consortium and AdiGroup are delighted to announce their partnership to bid for the acquisition of 75 per cent of Jet Airways through the NCLT process,” a joint statement by AdiGroup and the consortium said.
The debt-ridden airline owes around Rs 25,000 crore in arrears to vendors, lessors and employees and Rs 8,500 crore to banks.