Jet Airways insolvency: NCLT directs Synergy to present resolution plan by Dec 3

The National Company Law Tribunal (NCLT) on Monday directed the Synergy Group, the sole entity interested in the beleaguered Jet Airways, to appear before it and present a plan by December 3. The direction came after the resolution professional (RP) for Jet Airways, Ashish Chhawchharia, told the bench that Colombia-based Synergy Group sought additional time till February to firm up its plans for Jet Airways. Cash-strapped Jet Airways has been grounded for seven months now and the airline was admitted for insolvency on June 20.

The 180-day deadline for completing the corporate insolvency resolution process (CIRP) will end on December 16. “The tribunal wants to ascertain that the Synergy Group has bona fide intent to participate in the resolution of Jet Airways. So, the bench wants the representatives to appear before the bench, before the next hearing,” one person involved in the resolution process said.