NCLT allows 90 days extension for Jet Airways insolvency process
The National Company Law Tribunal (NCLT) on Wednesday allowed 90 days’ extension for the corporate insolvency resolution process of Jet Airways.
Jet Airways’ resolution professional had last week filed an application in NCLT seeking 90 days’ extension for the insolvency process of the grounded airline after it failed to attract any bidder.
The NCLT bench, comprising Bhaskara Pantula Mohan and Rajesh Sharma, granted the extension as the Committee of Creditors (CoC) voted for the same, with 70 per cent votes in favour.
The CoC had on February 18 set a new deadline of March 10 for submission of bids for the grounded airline after South American conglomerate Synergy Group and New Delhi-based Prudent ARC failed to meet the previous deadline.
