Jet Airways lenders panel holds meeting to assist grounded airline

Mumbai: The Committee of Creditors of Jet Airways met on Wednesday to discuss the way forward for the grounded airline. This was the 11th meeting of the CoC of the airline. The tenth CoC meeting of the grounded airline was held on April 24, 2020 and the e-voting was concluded on April 29, 2020.

In March this year, the National Company Law Tribunal (NCLT) had allowed 90 days' extension for the corporate insolvency resolution process of the airline. The airline's resolution professional had filed an application in NCLT seeking 90 days' extension for the insolvency process after failing to attract any bidder. 

The CoC had on February 18 set a new deadline of March 10 for submission of bids for the grounded airline after South American conglomerate Synergy Group and New Delhi-based Prudent ARC failed to meet the previous deadline.

Later, Synergy Group backed out over slot issues. The March 10 deadline was set after Russia's Far East Asia Development Fund also evinced interest in Jet Airways.

The cash-strapped airline, which was grounded in April 2019, owes more than Rs 8,000 crore to banks, with public sector lenders having significant exposure.

The NCLT on June 20, 2019, admitted the insolvency petition filed by the lenders' consortium led by State Bank of India against Jet Airways.