NCLT admits SBI’s insolvency plea, appoints interim RP
Mumbai: India’s bankruptcy court on Thursday admitted an insolvency petition by Jet Airways’ top lender State Bank of India, paving the way for a formal resolution process for the distressed airline.
On Thursday, the National Company Law Tribunal presided over by judges VP Singh and Ravikumar Duraisamy also approved an insolvency resolution professional (IRP) to oversee the insolvency proceedings.
Judge Singh said that while an RP usually has 180 days to complete the process, it would have to be completed in three months in Jet’s case, as it is a matter “of national importance”.
