Canindia News

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.




IIFL dealer, 5 others barred from securities market for front running

CanIndia New Wire Service

India can become AI laboratory of the world: NITI Aayog CEO

CanIndia New Wire Service

India needs to move beyond exporting raw materials: Goyal

CanIndia New Wire Service

Growth in data tariffs, broadband reach show move towards higher ARPU

CanIndia New Wire Service

Three pvt banks in TN, Kerala hit headlines for wrong reasons

CanIndia New Wire Service

Stimulus, healthy macros expected to lift markets (IANS Equity Outlook)

CanIndia New Wire Service

‘CIRP threshold against personal guarantors should be raised’

CanIndia New Wire Service

Unscathed: Pent-up demand more sustained, predictable now, says Kia India (IANS Special)

CanIndia New Wire Service

Accounts not performing due to delay won’t be labelled NPAs: Centre

CanIndia New Wire Service

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More


Stay up to date with the latest news and exclusive offers directly in your inbox