Indian bankruptcy court approves resolution plan for Jet Airways
- Jet said on Tuesday it would reveal details of the plan after it received a written order from the NCLT, but did not provide a timeline.
- Creditors had initiated insolvency proceedings after failing to agree with potential bidders on a rescue plan for the airline.
BENGALURU: India's Jet Airways said on Tuesday the country's bankruptcy court, the National Company Law Tribunal (NCLT), approved a resolution plan for the defunct airline.
Once India's biggest private carrier, Jet stopped flying in April 2019 after running out of cash, owing billions to lenders and leaving thousands without jobs.
Jet said on Tuesday it would reveal details of the plan after it received a written order from the NCLT, but did not provide a timeline.
The airline said in October its creditors had approved a resolution plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan, without giving any details.
Creditors had initiated insolvency proceedings after failing to agree with potential bidders on a rescue plan for the airline.
Jet and its lenders - led by State Bank of India - searched for new investors for months in 2019 but failed to land a proposal.
Resolution professionals for Jet Airways did not immediately respond to a Reuters email seeking more details about the plan.
Comments
Comments are closed for this article.