Jet Airways at 5% UC

Jet Airways, within minutes of opening today, got locked at the 5% UC of the day at Rs.26.60.

The reason – its 16th meeting of Committee of Creditors (CoC) is underway currently. This is the final meeting and there is hope that a new owner for the grounded airline will finally get announced today.

For any plan to be considered approved, it will need to secure the votes of at least 60% of the CoC members

It has two bids for consideration -  the consortium of Flight Simulation Technique Centre Pvt Ltd, Big Charter Pvt Ltd – both owned by Sanjay Mandavia (former captain at Jet Airways) and Dubai based Imperial Capital Investments LLC.

And the other bid if from consortium of London-based financial services firm Kalrock Capital and entrepreneur Murari Lal Jalan.

Jet Airways was admitted to the National Company Law Tribunal in June 2019 and it owes banks nearly Rs 8,000 crore. Its total claims, which includes unpaid