Youssef Al Feel, along with his brothers and cousins, managed to break the windows and enter flooded houses — moving people to safety for an entire day
It is also learnt that while the promoter has stepped down and entered into a binding agreement, there has been no change in complexion of the board of the airline due to technical reasons.
"The conversion of debt into equity was conceived as a way to allow a new investor to come in. Also, while the lenders have nominated A K Purwar and Kapil Kaul to the board of Jet Airways consequent upon stepping down of the promoters, this is yet to take effect on account of some technical reasons," another source said.
The banks have been working with the same executive management team who have been in charge of running the company even after stepping down of the promoter, the source added.
On Thursday, lenders said they were "reasonably hopeful" that the bidding process for the airline will end successfully.
"The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed EOI (Expression of Interest) and have been issued bid documents on April 16," they had said in a statement.
A consortium of seven domestic lenders led by State Bank of India (SBI), has invited bids from potential suitors. Their debt exposure to the airline is more than Rs 8,500 crore.
"Lenders are reasonably hopeful that the bid process is likely to be successful in determining the fair value of the enterprise in a transparent manner," it said.
Banks had rejected emergency funding request of Jet Airways that forced it to ground operations.
Youssef Al Feel, along with his brothers and cousins, managed to break the windows and enter flooded houses — moving people to safety for an entire day
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