Saturday, August 10, 2019

Jet Airways: Final resolution plan likely by September 27

The resolution professional for Jet Airways is likely to submit a final resolution plan to the National Company Law Tribunal (NCLT) by September 27. This has been delayed by a week due to extension given for the submission of expression of interest (EoI) by interested parties. The deadline for the submission of expression of interest is August 10.

The revised invitation for EoI for the resolution of the defunct airline states the final list of prospective resolution applicants will be issued on August 21. The deadline for submission of resolution plans from eligible applicants has been revised to September 12 from September 5.

On June 20, the NCLT initiated insolvency proceedings against the airline following an application moved by the State Bank of India. In its order, the NCLT sought a speedy resolution for Jet Airways as it was considered a matter of “national importance.” While passing the order, Judge VP Singh urged that the resolution process should be completed within 90 days.

Jet Airways halted operations on April 17, after lenders refused to provide emergency funding. Since then, the ministry of civil aviation has re-allocated the Jet’s slots to other airlines on a temporary basis till October.
20/08/19 Financial Express

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