National Company Law Tribunal Asks The Synergy Group To Prove Its Bonafide Intent To Revive Grounded Jet Airways
[ By Bobby Anthony ]The Mumbai Bench of National Company Law Tribunal (NCLT) has directed the Synergy Group to appear before it and prove its bonafide intent about its bid for the grounded Jet Airways.The NCLT has directed the grounded airline’s Interim Resolution Professional (IRP) Ashish Chhawchharia to persuade the Synergy Group to present its plan and intent during the hearing slated...
The Mumbai Bench of National Company Law Tribunal (NCLT) has directed the Synergy Group to appear before it and prove its bonafide intent about its bid for the grounded Jet Airways.
The NCLT has directed the grounded airline’s Interim Resolution Professional (IRP) Ashish Chhawchharia to persuade the Synergy Group to present its plan and intent during the hearing slated after two weeks.
The NCLT will hear the matter next on December 3.
Expression of Interest (EoI) told the NCLT that Synergy Group is the only serious bidder participating in the resolution of Jet Airways. Synergy has been regularly keeping track of the Corporate Insolvency Resolution Process (CIRP) and it has submitted an Expression of Interest (EoI), he said.
He told the NCLT that the Synergy Group has sought additional time until February 2020 to finalize its plans for Jet Airways.
After perusing the submissions, the NCLT stated that it wants the resolution professional to persuade the bidder Synergy Group to appear for the next hearing.
The NCLT stated that during the next hearing, it will ascertain whether the Synergy Group has any bonafide intent to participate in the resolution of Jet Airways.
The grounded airline’s interim resolution professional Chhawchharia told the NCLT that the Committee of Creditors (CoC) of Jet Airways, which had granted time to the Synergy Group would meet shortly to decide about granting any extension till December.
Jet Airways has been grounded for over seven months and the insolvency plea by State Bank of India led consortium was admitted on June 20, this year. The 180-day deadline for completing CIRP will end on December 16.
The NCLT has been told that the return of slots earlier allotted to Jet Airways, which have been redistributed among other airlines, was discussed during meetings held by Synergy Group with the government, lenders, and management of the Jet Airways.
Accordingly, the NCLT has asked to implead the DGCA and Ministry of Civil Aviation and sought their response on Jet’s slots during the next hearing on December 3.