Jindal Power will not bid to take over Go First
What's the story
Jindal Power will not present a final bid for the financially struggling airline, Go First, despite having previously submitted an Expression of Interest (EoI).
Jindal Power's primary motivation for filing the EoI was to evaluate the airline's worth and access company data, sources revealed to BusinessLine.
After a thorough analysis, the company decided against moving forward with an official bid. The committee of creditors is set to convene tomorrow to discuss the next steps for Go First.
Details
Lenders unwilling to restart bidding process
With Jindal Power bowing out of the bidding process for Go First, lenders appear uninterested in reopening the process.
As told to BusinessLine, one lender remarked, "We do not have a plan from Jindal Power yet."
The future course of action, including the possible commencement of liquidation proceedings, is being weighed.
In the meantime, lenders have initiated the valuation of a land parcel held as collateral, with evaluations expected to wrap up within a month.
What Next?
CoC meeting to discuss Go First's current status
The committee of creditors (CoC) is slated to gather tomorrow after an extended break.
A banker involved in the proceedings mentioned that the Resolution Professional (RP) will update them on Go First's current status.
However, they noted that unless there is a viable plan or a serious bidder, lenders are not inclined to restart the bidding process.
Neither Jindal Power nor Go First's Resolution Professional, Shailendra Ajmera, has commented on the matter as of now.