Jindal Power 'not very serious' about EoI submitted for Go First

Naveen Jindal's Jindal Power is "not very serious" about the expression of interest (EoI) it submitted for the grounded Go First airline, which has been out of operation since May, reported TOI...

Sources say the power company has submitted the EOI to estimate the valuation of Go First and is right now focused on expanding its thermal and renewable energy generation business..

In addition to Jindal's potential bid submission, the revival of Go First depends on the legal rulings concerning whether the recent government notification, which prohibits bankrupt airlines from retaining leased aircraft, applies retroactively (which will cover Go) or only in the future...

That bid will be examined by the committee of creditors and they will take a call whether the same is acceptable to them," they said.. There is no provision in the Insolvency Bankruptcy Code that prevents a qualified party from submitting bids even if it is the sole EoI for a belly up company..

Sources say Jindal Power is not "very serious" about running a scheduled airline and is growing in thermal and renewable energy generation space..

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