Synergy group gets a month to submit resolution plan for Jet Airways
Lenders to Jet Airways have agreed to give the Synergy Group time till December 16 to submit a resolution plan to revive the grounded airline.
The proposal was discussed at the committee of creditors meeting in Mumbai on Tuesday and will be put to vote for a formal approval in the next few days. The Insolvency and Bankruptcy Code (IBC) requires completion of a resolution process within 180 days.
The code also provides for further extension. Jet Airways came under insolvency proceedings in June and the airline’s resolution professional Ashish Chhawchharia will make an application to the insolvency court seeking a 90-day extension in the resolution timeline. South America’s Synergy Group is the sole contender to revive the grounded airline.
