Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusiness

Jet Airways: RP invites expression of interest by August 3

In an advertisement posted on the airline’s website on July 20, the Jet Airways RP has set a deadline of August 14 to come up with the final list of resolution applicants.

July 20, 2019 / 02:30 PM IST
The deadline for Jet Airways corporate insolvency resolution process is October 21

The deadline for Jet Airways corporate insolvency resolution process is October 21

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

The resolution professional (RP) appointed by Jet Airways' lenders, has invited an Expression of Interest (EoI) from prospective applicants by August 3 as part of its efforts to salvage the debt-ridden airline.

In an advertisement posted on the airline’s website on July 20, the RP has set a deadline of August 14 to come up with the final list of resolution applicants. The resolution plans will have to be submitted by September 5.

The RP has set September 20 as the estimated date for the submission of a resolution plan for approval by the National Company Law Tribunal (NCLT).

The next hearing on the insolvency case and RP’s progress report is on July 23.

On June 20, a consortium of 26 lenders, led by the State Bank of India (SBI), took the NCLT route as their final resort to recover loans of Rs 8,500 crore. They appointed Ashish Chhawchharia of Grant Thornton as the RP.

The airline, which was grounded on April 17, was unable to attract investors after lenders failed to reach a resolution plan despite various attempts.

Citing Jet Airways as “a matter of national importance,” the NCLT has ordered the RP to finalise a rescue plan within 90 days, instead of 180 days as permitted under the Insolvency and Bankruptcy Code (IBC).

Parnika Sokhi
first published: Jul 20, 2019 02:30 pm

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347