Jet Air creditors to ask court to extend liquidation deadline
Creditors of Jet AirwaysNSE -4.22 % India Ltd. are seeking court action to save the bankrupt carrier from liquidation as a key deadline looms.
Lenders to Mumbai-based Jet Airways plan to request an Indian court extend a mid-March deadline for creditors to agree on a resolution plan or allow the carrier go into liquidation, said people familiar with the matter. Potential buyers of the airline are also seeking more time to prepare bids for the company.
Once India’s largest carrier by passengers, Jet Airway’s fall into bankruptcy last year is reflective of the country’s troubled aviation industry, where several players are struggling under piles of debt and cut-throat profit margins.
