The Indian Express
After extending the insolvency resolution timeline of the beleaguered Go First by another three months, lenders to grounded carrier are hinging their hopes on Naveen Jindal-backed Jindal Power Ltd (JPL) for revival of the company.
Jindal Power Ltd was earlier a subsidiary of Jindal Steel & Power Ltd (JSPL).
Last month, JPL submitted the sole expression of interest (EOI) for the airline, which voluntarily filed for insolvency resolution proceedings in May this year, according to the person familiar with the matter. The EOI was floated by the airline’s resolution professional Shailendra Ajmera in July this year.
Lenders to the airlines include Bank of Baroda, Central Bank of India and IDBI Bank, with a total outstanding of over Rs 4,500 crore.
