Insolvency Resolution Professional Of Jet Airways Calls For Fresh Bids At Sixth Meeting Of Its Committee Of Creditors

The insolvency resolution professional (IRP) of Jet Airways Ltd has called for fresh bids to revive the defunct and grounded airline.

The resolution was passed at the sixth meeting of Jet Airways’ Committee of Creditors (CoC), held on 17 December, to seek fresh expression of interest (EoIs).

Earlier, the Mumbai bench of National Company Law Tribunal (NCLT) had approved extension of the defunct airline’s insolvency resolution period by 90 days. The NCLT had also directed the CoC to expedite their decision on seeking fresh EoIs after two new investors had shown interest in the grounded airline.

The CoC had had sought extension of the corporate insolvency resolution process of the debt laden airline from NCLT since South America's Synergy Group had asked for more time to carry out due diligence.

Incidentally, so far, the Synergy Group is the only potential bidder for the defunct airline.

It may be recalled that Jet Airways was grounded on April 18 due to an acute fund crunch.

On 20 June, the Mumbai bench of the National Company Law Tribunal (NCLT) admitted Jet Airways under the Insolvency and Bankruptcy Code (IBC) after lenders referred it to the bankruptcy tribunal.

Later, a consortium of 26 bankers, led by the State Bank of India, had approached the NCLT to recover dues of more than Rs 8,500 crore.