Jet Airways lenders not giving up yet on debt resolution process
The Committee of Creditors (CoC) of Jet Airways has decided to ask for a 90-day extension to the corporate insolvency resolution process (CIRP). The 270-day deadline ends on March 15. A plea to extend the time period to find a buyer will be filed with the NCLT on March 18.
The CoC met on Thursday to discuss whether to liquidate the company after none of the interested players submitted a bid to acquire the debt-strapped airline before the deadline. According to a person in the know, “The CoC has in principle agreed for an extension of 90 days to the CIRP.”
However, the extension is subject to approval from the NCLT. According to the norms, the CIRP can be extended only up to 330 days. After the 180-day period had ended, NCLT had already given an extension of up to 270 days which will be over on March 15. The next hearing of the insolvency proceedings is on March 18.
