Business

Jet’s insolvency process extended by 90 days

Mumbai, Dec 21 (IANS) | Publish Date: 12/21/2019 11:06:44 AM IST

The National Company Law Tribunal has approved the extension of the corporate insolvency resolution process (CIRP) of Jet Airways by 90 days.

The Mumbai bench of the NCLT gave its approval for the extension of time as the 180 days deadline for CIRP period of the grounded airline had ended on December 16. The Committee of Creditors (CoC) of the airline had sought extension of the resolution period from the tribunal as South America’s Synergy Group, a bidder for the bankrupt airline, wants more time for due diligence.

Further, lenders have also sought fresh expressions of interest (EoI) from two new bidders who have shown interest in reviving Jet.

The Synergy Group had failed to provide a resolution plan before December 16 deadline due to uncertainty on airport slots and would have to participate in a fresh bidding process proposed by lenders.

On Thursday, the NCLT had directed the CoC of Jet Airways to expedite their decision on seeking fresh expression of interest in view of new interest being shown for the grounded airline.

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