(a) whether Etihad Airways has shown interest in the acquisition of Jet Airways;
(b) if so, the details thereof;
(c) whether the Government has accepted/proposes to accept related demands put by Etihad Airways;
(d) if so, the details thereof;
(e) whether the Government has devised any plan in collaboration with the banks to get Jet Airways out of this crisis; and
(f) if so, the details thereof?
The Minister of State (IC) in the Ministry of CIVIL AVIATION
(Shri Hardeep Singh Puri)
(a) to (f): Based on the business plan prepared by McKinsey, the domestic lenders finalised a Bank Led Resolution Plan in accordance with the Revised Framework of Resolution of Stressed Assets under "Project Shashakt" (Inter Creditor Agreement arrangement). Despite best efforts, the differences between the two partners (M/s Jet Airways (India) Limited promoters and Etihad Airways) could not be bridged and eventually, the Resolution Plan was not accepted by the Board of Etihad Airways in its meeting dated 12.03.2019.;
;
Bids were called by the Lenders for change in ownership/ management of the company. However, it was understood that some of the relaxations /waiver sought by the prospective investors were only available under a Corporate Insolvency Resolution Process (CIRP) under the Insolvency & Bankruptcy Code, 2016 (IBC). The application filed by SBI under the Insolvency & Bankruptcy Code, 2016 (IBC) has been admitted by National Company Law Tribunal (NCLT), Mumbai on 20th June 2019 to work out a resolution plan under the above code. Revival of the airlines is now possible only under IBC.;
;
Each airline prepares its business plan on the basis of its own market assessment and liabilities. Mobilizing financial resources and ensuring efficient operations as per business plans are the responsibility of the airline. Government of India has no role in raising funds for M/s Jet Airways (India) Limited, as it is an internal matter of the airline.