International Olympic Committee stops fuel supply, Jet secures other sources

Jet Airways receives legal notice over unpaid salaries

The lenders on Wednesday extended the deadline to April 12 and the bidders have to submit their bids by 6pm. "In order to allow for better participation, lenders have agreed to extension of timeline".

The consortium of banks has appointed SBI Caps to take out the EoI and conduct the process of their stake sale in the airline. Lenders are offering to offload up to 75% stake in the airline.

SBI Caps has also made it clear that binding bids must be submitted by April 30, 2019.

"There are a lot of inquiries from different investors. Some of the bidders wanted to come as a consortium to share the cost of taking over the airline", said a banker.

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Jet Airways has financial problems.

"Bidders are required to provide the solvency certificate. on their letterhead and certified by managing director/ full time director / chief executive officer of the bidder or a person holding an equivalent position in the bidder", it said. The airline is now operating only 26 aircraft as several planes from its earlier fleet size of around 120 remain grounded for non-payment of lease rentals. The pilots, along with engineers and other critical segments of employees, have not been paid salaries since January 1.

Refiner Indian Oil Corp (IOC) has halted the supply of fuel to struggling carrier Jet Airways since Wednesday afternoon over non-payment of dues, a source with direct knowledge of the matter told Reuters.

Currently, the airline operates 26 aircraft which includes Airbus A330s, Boeing 777s, 737-800 and ATRs to various destinations like London, Toronto, Singapore, Amsterdam, Paris, Bangkok and domestic sectors like Mumbai-Delhi among others.

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Last month, creditors injected $218 million of "immediate funding support" into Jet Airways as part of a debt resolution plan. Further, the lenders stepped in to make some payment in this regard, the sources said.

Many lessors have taken possession of planes after the airline failed to pay rents.

The DGCA announced on its website that seven de-registered Boeing aircraft belong to lessors such as Crolly Aviation, Mardal Aviation, Allenwood Aircraft Leasing, Dungarvan Aircraft Leasing, Elphin Aircraft Leasing, Carlow Aircraft Leasing and Ballyhaunis Aircraft Leasing. "If there is no Expression of Interest, the lessors might ground these aircraft and request the DGCA to deregister more aircraft".

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