Jet Airways: Insolvency administrator invites resolution
The insolvency administrator of Jet Airways India Ltd. is seeking resolution proposals for the grounded airline in a move that may give hope to creditors including State Bank of India.
Any expression of interest has to be submitted by Aug. 3, Ashish Chhawchharia, resolution professional, said in a notice published in the Economic Times newspaper on Saturday. The final list of prospective applicants will be issued on Aug. 14 and the resolution plans have to be submitted by Sept. 5, it said.
The step to seek resolution proposals may give creditors a chance to recover some of their dues. Last month the National Company Law Tribunal agreed to hear an insolvency case and once Jet Airways is declared bankrupt the chances of any meaningful recovery by the banks diminish.
