{"id":342409,"date":"2020-03-19T10:35:21","date_gmt":"2020-03-19T05:05:21","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=342409"},"modified":"2020-03-19T11:09:54","modified_gmt":"2020-03-19T05:39:54","slug":"nclt-grants-90-day-extension-to-jet-airways-for-resolution-process","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/nclt-grants-90-day-extension-to-jet-airways-for-resolution-process\/","title":{"rendered":"NCLT grants 90-day extension to Jet Airways for resolution process"},"content":{"rendered":"<p>The National Company Law Tribunal (NCLT) has granted a 90-day extension to Jet Airways\u2019 corporate insolvency resolution process (CIRP). <\/p>\n<p>The earlier 270-day CIRP period was, under the rules, to end on March 15. A 90-day extension is legally allowed. <\/p>\n<p>The Resolution Professional\u2019s counsel argued the lenders would get better value for their assets if these were sold in the CIRP period via a formal resolution plan, instead of the liquidation value also, some entities had shown interest and not withdrawn; a fair chance should be given to revive the airline company. <\/p>\n<p>This is an exceptional case of extension beyond the 330-day limit under the insolvency and bankruptcy code. <\/p>\n<p>Ashish Pyasi, associate partner at Dhir and Dhir Associates, said this was well within the parameters laid down by the Supreme Court in the matter of Essar Steel.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Company Law Tribunal (NCLT) has granted a 90-day extension to Jet Airways\u2019 corporate insolvency resolution process (CIRP). The earlier 270-day CIRP period was, under the rules, to end on March 15. A 90-day extension is legally allowed. The Resolution Professional\u2019s counsel argued the lenders would get better value for their assets if these were sold in the CIRP period via a formal resolution plan, instead of the liquidation value also, some entities had shown interest and not withdrawn; a fair chance should be given to revive the airline company. This is an exceptional case of extension beyond the [&hellip;]<\/p>\n","protected":false},"author":40,"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-342409","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\/342409","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\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=342409"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/342409\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=342409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=342409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=342409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}