Jet Airways crisis: NCLT admits lenders’ petition for insolvency
The National Company Law Tribunal (NCLT) on Thursday admitted the insolvency petition filed by the lenders’ consortium led by State Bank against Jet Airways.
The tribunal directed the interim resolution professional to try and resolve the matter within three months against a normal timeframe under the law of six months.
It further asked the IRP to submit the status report on a fortnightly basis. As such the first status report will have to be filed by July 5, which is the next date of hearing on the matter.
As is known, SBI along with 26 other banks had on Monday decided to take the grounded airline to the NCLT to recover dues, and had filed a petition under Section 7 of the Insolvency and Bankruptcy Code. This was after the lenders failed to get a suitable offer from any of the potential investors.
