Wednesday, July 10, 2019

First CoC meet for Jet Airways insolvency next week

The first meeting of the committee of creditors (CoC) regarding the insolvency proceedings of Jet Airways is likely to take place early next week, sources told FE.

The National Company Law Tribunal (NCLT) had on June 20 passed an order to initiate insolvency proceedings against the grounded airline following a plea filed by State Bank of India.

The first fortnightly report by the court-appointed interim resolution professional (RP) was submitted to NCLT on July 5.

The RP’s team will also publish the total claims accumulated against Jet this week, a person aware of the proceedings said. Creditors had to file their claims by July 4, but employees have been given time till July 24.

The CoC will likely include representatives from SBI, Punjab National Bank, IDBI Bank, ICICI Bank and Indian Overseas Bank, among others.

SBI dragged the airline to the insolvency court after lenders failed to find a buyer for a majority shareholding in the airline.
10/07/19 Anwesha Ganguly/Financial Express
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