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A Jet Airways statement said the two executives -- Vinay Dube and Amit Agarwal -- were leaving the company with immediate effect.
A staff-led bid is rare though not without precedent. Pilots of the airline have so far secured a commitment of about $430 million from external investors.
The Jet Airways deal is important for creditors who are looking to recover more than 1 billion in debt from the carrier.
State Bank of India Ltd., the lead creditor of Jet Airways, issued a document on Monday, inviting bidders with a net worth of at least Rs. 10 billion, to submit their interest by April 10.
The revelations through an RTI inquiry comes as Supreme Court is hearing a petition, seeking a stay on the scheme.
Launched in March 2018, electoral bonds are meant to ensure transparency in political funding and offer an alternative to cash donations.
India’s two-year-old bankruptcy regime has been brought to the brink of irrelevance by the strain of resolving its most high-profile case -- Essar Steel India Ltd. Errant debtors are forever looking for ways to undermine creditor protection; but when lenders themselves start making a mockery of a fledgling insolvency law, nobody can save it. That’s where India’s two-year-old bankruptcy regime is today, brought to the brink of irrelevance by the strain of resolving its most high-profile case: Essar Steel India Ltd. The billionaire Ruia brothers have used every trick in the book to ensure their prized asset stays in the family, despite owing financial creditors Rs.508 billion ($6.3 billion) in unpaid dues. Just as the process was crawling to a conclusion, with the lenders accepting ArcelorMittal’s Rs.420 billion bid for the 10 million tons-a-year steel plant, an unexpected wrinkle has emerged. State Bank of India, the largest creditor, has put its...
The company will use the funds to buy and turn around stressed assets
A State Bank of India report says this will put pressure on these states’ infrastructure, and widen income distribution gap between the south and north.
There’s still plenty of potential in Jet, provided it can modify its business model, or take that elusive one rupee seriously.