REUTERS/Adnan Abidi/File Photo Acquire Licensing RightsMUMBAI, Oct 11 (Reuters) - Grounded Indian airline Go First has received an expression of interest (EoI) from Jindal Power Ltd, two banking sources and two people aware of the development told Reuters.
"Jindal Power was the sole successful applicant whose expression of interest was accepted by banks," said a banker with a state-run bank that has exposure to Go First.
Go First's resolution professional, who conducts the insolvency process, and Jindal Power did not immediately respond to Reuters requests for comment.
However, the government amended its insolvency law earlier this month to exclude leased aircraft from assets that can be frozen, to bring India's bankruptcy laws into line with a treaty protecting the rights of foreign lessors.
It is unclear whether the amended law would apply to Go First since its insolvency proceedings are still underway.
Persons:
Adnan Abidi, Jindal, EoIs, Siddhi Nayak, Sarita Chaganti Singh, Devika
Organizations:
REUTERS, Rights, Jindal Power Ltd, Reuters, Jindal Power, Go, Central Bank of India, Bank of Baroda, IDBI Bank, Deutsche Bank, Aircraft, Siddhi, Thomson
Locations:
New Delhi, India, Rights MUMBAI, Bank, BOB.NS, Mumbai