NCLT allows extending Jet’s insolvency process by another 90 days

The insolvency process for grounded Jet Airways will be extended for another 90 days till mid-June. The National Company Law Tribunal (NCLT) on Wednesday allowed the extension which was sought by the airline’s resolution professional. The 270-day deadline for the insolvency process ended on March 15. FE last week reported that the process had come to a standstill without concrete resolution plans from potential buyers.

At least three parties were understood to be interested in the airline which has now been grounded for a year. Last month, a Russian government-backed fund showed interest in the airline at the eleventh hour. As a result, the committee of creditors (CoC) to the debt-laden airline called for a third round of expressions of interest. The Colombian Synergy Group, which had earlier submitted an informal plan conditional on assurance of the airline’s slots in London and Amsterdam, did not take things forward.