Jet’s lenders extend time for submission of resolution plan until Dec 16

NEW DELHI: The committee of creditors (CoC) of Jet Airways Ltd on Wednesday extended the date for the submission of resolution plan for the airline to December 16, according to a statement from the Resolution Professional (RP) for the company.

Ashish Chhawchhariam, the  Resolution Professional for Jet Airways, informed that the meeting of CoC held on November 19, 2019 decided to further file for extension of the corporate insolvency resolution process by another 90 days,

Insipient financial issues had led to the grounding of Jet Airways in April though Jet used to rule the market as the country’s largest airline until close to a year ago.

After about two months since the grounding of the airline, the Mumbai bench on June 20, the Mumbai bench of the National Company Law Tribunal (NCLT) admitted Jet Airways under the Insolvency and Bankruptcy Code (IBC) after lenders referred it to the bankruptcy tribunal to recover the dues of more than Rs8500 crore.

 

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