Tuesday, June 29, 2021

Jet Airways' 7-member monitoring committee met for the first time to discuss day-to-day activities

With the approval of the National Company Law Tribunal (NCLT) to the resolution plan of Kalrock-Jalan consortium, the Corporate Insolvency Resolution Process (CIRP) of Jet Airways concluded a few days back. This was followed by the formation of a seven-member monitoring committee.

The airline informed the exchange, “The first meeting of the monitoring committee was duly held on 28th of June, 2021 and the monitoring committee was also duly constituted in its first meeting.”

The seven-member monitoring committee consists of three members appointed by the resolution applicant, three members appointed by the financial creditors having highest share in the CoC and an independent insolvency professional appointed by the financial creditors, preferably the existing resolution professional.

With the end of the CIRP, Ashish Chhawchharia has ceased to be the resolution professional of the company, effective on and from June 25, 2021, the airline said in a regulatory filing.

In terms of the resolution plan, the implementation of the resolution plan is proposed to be supervised by the monitoring committee, terms of appointment and duties of the monitoring committee will be as set out in the resolution plan and the day to day operations.

The management of the company shall be carried out by the monitoring committee until the closing date as defined in the Resolution Plan.

The now-grounded Jet Airways is likely to take the skies again within six months from now.

On June 22, the Mumbai bench of the NCLT approved the resolution plan of the Kalrock-Jalan Consortium and gave a 90-day time period to the DGCA and the Civil Aviation Ministry to allot the slots.

Talking to IANS, Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA) President Ashish Mohanty, said that as per the order, within 90 days, the Ministry and the Directorate General Civil Aviation should consider the request for slots, so that it will help Jet Airways to be back in the skies sooner.

28/06/21 FreePressJournal

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