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Jet Airways’ Committee of Creditors to meet on Thursday

Mumbai, March 10 (IANS) The Committee of Creditors (CoC) of the insolvent Jet Airways is scheduled to meet on Thursday to discuss on the future course of action as it has not received any resolution plan from the suitors who had expressed their interest in the grounded airline.

It is unlikely that the Jet Airways will fly again as none of the three suitors, which had expressed interest, submitted a resolution plan by the deadline for the bid submission, which closed on Monday.

“We wish to inform that the ninth meeting of Committee of Creditors (CoC) of Jet Airways (India) Limited is scheduled to be held on March 12, 2020 at 03.00 P.M. IST, for which notice to the members of the CoC has been sent on March 09, 2020,” the company said in a regulatory filing.

The cash-strapped airline stopped its operations in April last year and is undergoing bankruptcy proceedings at the Mumbai bench of National Company Law Tribunal (NCLT), Mumbai after its lenders led by the State Bank of India dragged it to the bankruptcy court.

In December, the NCLT approved the extension of the corporate insolvency resolution process (CIRP) of Jet Airways by 90 days, after the 180 days deadline for CIRP period of the grounded airline had ended on December 16.

Under the insolvency and bankruptcy code (IBC), the maximum time limit for completion of CIRP has been set at 330 days, which includes the litigation period, as per a recent amendment.

The suitors which had submitted expression of interest were South America-based Synergy Group, Russia-based Far East Development Fund, and New Delhi-based Prudent ARC in the second round of bidding.

–IANS

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