{"id":279216,"date":"2019-06-21T04:45:53","date_gmt":"2019-06-21T04:45:53","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=279216"},"modified":"2019-06-21T04:45:53","modified_gmt":"2019-06-21T04:45:53","slug":"nclt-sets-90-day-deadline-for-jet-airways-bankruptcy-resolution","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/nclt-sets-90-day-deadline-for-jet-airways-bankruptcy-resolution\/","title":{"rendered":"NCLT sets 90-day deadline for Jet Airways bankruptcy resolution"},"content":{"rendered":"<p>The National Company Law Tribunal (NCLT) on Thursday admitted the insolvency petition moved by State Bank of India (SBI) \u2014 under section 7 of the Insolvency and Bankruptcy Code (IBC) \u2014 against Jet Airways, and instructed that the resolution process be wrapped up in 90 days as the matter is of national importance.<\/p>\n<p>Typically, the corporate insolvency resolution process (CIRP) should be completed in 180 days, and an extra 90 days\u2019 time is granted in case the process doesn\u2019t conclude in the stipulated period. The interim resolution professional (RP) has been instructed to submit fortnightly progress reports on the CIRP process, with the first to be filed on July 5, the day of the next hearing.<\/p>\n<p>The tribunal also declared a moratorium on recovery of dues from Jet, the country\u2019s first aviation firm to be admitted for bankruptcy. Jet had over 120 planes, of which only about a dozen have not been de-registered by the civil aviation regulator. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Company Law Tribunal (NCLT) on Thursday admitted the insolvency petition moved by State Bank of India (SBI) \u2014 under section 7 of the Insolvency and Bankruptcy Code (IBC) \u2014 against Jet Airways, and instructed that the resolution process be wrapped up in 90 days as the matter is of national importance. Typically, the corporate insolvency resolution process (CIRP) should be completed in 180 days, and an extra 90 days\u2019 time is granted in case the process doesn\u2019t conclude in the stipulated period. The interim resolution professional (RP) has been instructed to submit fortnightly progress reports on the CIRP [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,167,130],"tags":[],"class_list":["post-279216","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-civil-aviation-business-standard-newspapers","category-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/279216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=279216"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/279216\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=279216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=279216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=279216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}