NCLT admits Jet Airways for bankruptcy, sets 90 days for resolution

The National Company Law Tribunal (NCLT) Thursday admitted the insolvency petition filed by the lenders’ consortium led by State Bank against Jet Airways. The tribunal has also appointed Ashish Chhauchharia of Grant Thornton as the resolution professional for the crippled airline that stopped operations on April 17. The tribunal comprising VP Singh and Ravikumar Duraisamy directed the RP to try and finish the resolution process in three months even though the law allows six months, saying “the matter is of national importance.”

In its plea, SBI has made a claim of Rs 967 crore and said it had given Rs 505 crore in working capital loans, and an overdraft facility of Rs 462 crore to the company. However, the tribunal rejected the plea by the Netherlands based vendors for filing an intervention application, saying the Dutch district court had no jurisdiction to order bankruptcy of Jet Airways.