+
Jet Airways' Insolvency Hearing Adjourned to Nov 9
AVIATION & AIRPORTS

Jet Airways' Insolvency Hearing Adjourned to Nov 9

The National Company Law Appellate Tribunal (NCLAT) has adjourned the hearing on Jet Airways' insolvency case to November 9. The tribunal postponed the hearing due to the pending decision on the resolution plan submitted by the airline's resolution professional.

Jet Airways had filed for insolvency in June 2019 after months of financial difficulties and ceased operations. Since then, the airline's resolution professional has been trying to find a suitable buyer or investors to revive the company.

In October 2020, a consortium of London-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan was selected as the successful bidder for Jet Airways. Their resolution plan was accepted by the committee of creditors (CoC), and it awaited approval from the National Company Law Tribunal (NCLT).

However, the NCLT raised concerns over the lack of clarity in the resolution plan and requested further details. The resolution professional was asked to present the revised plan to address these concerns. As a result, the NCLAT has postponed the insolvency hearing until November 9 to allow time for the revision and submission of the updated resolution plan.

Various challenges have hindered the resolution process for Jet Airways. The ongoing COVID-19 pandemic has severely impacted the aviation industry, making it challenging to attract investors and buyers. Additionally, issues related to the airline's slots at airports and unpaid dues to employees and vendors have complicated the resolution process.

Meanwhile, the airline's creditors, including banks and financial institutions, continue to wait for a final decision on the insolvency case. Several operational creditors, such as frequent flyers and pilots' union, have also expressed their concerns over the delay in the resolution process.

The adjournment of the insolvency hearing has sparked mixed reactions among stakeholders. While some are hopeful that the revision of the resolution plan will address the concerns raised by the NCLT, others are growing increasingly frustrated with the prolonged proceedings.

As the hearing has been postponed to November 9, all eyes are now on the revised resolution plan. The fate of Jet Airways and its employees hangs in the balance, as stakeholders eagerly await a resolution to the long-standing insolvency case.

In conclusion, the NCLAT has adjourned the Jet Airways' insolvency hearing to November 9, awaiting the submission of a revised resolution plan. The delay in the resolution process has heightened concerns among stakeholders, who anxiously await a final decision on the fate of the airline.

The National Company Law Appellate Tribunal (NCLAT) has adjourned the hearing on Jet Airways' insolvency case to November 9. The tribunal postponed the hearing due to the pending decision on the resolution plan submitted by the airline's resolution professional. Jet Airways had filed for insolvency in June 2019 after months of financial difficulties and ceased operations. Since then, the airline's resolution professional has been trying to find a suitable buyer or investors to revive the company. In October 2020, a consortium of London-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan was selected as the successful bidder for Jet Airways. Their resolution plan was accepted by the committee of creditors (CoC), and it awaited approval from the National Company Law Tribunal (NCLT). However, the NCLT raised concerns over the lack of clarity in the resolution plan and requested further details. The resolution professional was asked to present the revised plan to address these concerns. As a result, the NCLAT has postponed the insolvency hearing until November 9 to allow time for the revision and submission of the updated resolution plan. Various challenges have hindered the resolution process for Jet Airways. The ongoing COVID-19 pandemic has severely impacted the aviation industry, making it challenging to attract investors and buyers. Additionally, issues related to the airline's slots at airports and unpaid dues to employees and vendors have complicated the resolution process. Meanwhile, the airline's creditors, including banks and financial institutions, continue to wait for a final decision on the insolvency case. Several operational creditors, such as frequent flyers and pilots' union, have also expressed their concerns over the delay in the resolution process. The adjournment of the insolvency hearing has sparked mixed reactions among stakeholders. While some are hopeful that the revision of the resolution plan will address the concerns raised by the NCLT, others are growing increasingly frustrated with the prolonged proceedings. As the hearing has been postponed to November 9, all eyes are now on the revised resolution plan. The fate of Jet Airways and its employees hangs in the balance, as stakeholders eagerly await a resolution to the long-standing insolvency case. In conclusion, the NCLAT has adjourned the Jet Airways' insolvency hearing to November 9, awaiting the submission of a revised resolution plan. The delay in the resolution process has heightened concerns among stakeholders, who anxiously await a final decision on the fate of the airline.

Next Story
Infrastructure Urban

Naidu Seeks Rs 563 Crore For AP Sports Infrastructure

Andhra Pradesh Chief Minister N Chandrababu Naidu has sought Rs 563 crore from the Centre to boost sports infrastructure in the state, including Rs 538 crore for stadium development and Rs 25 crore to host the Khelo India Martial Arts Games 2025. Naidu made the request during a meeting with Union Youth Services and Sports Minister Mansukh Mandaviya in New Delhi on Wednesday.The CM urged early completion of Khelo India infrastructure projects in Tirupati, Rajahmundry, Kakinada, and Narasaraopeta, and called for an international-standard badminton training centre and a national aquatic sports hu..

Next Story
Infrastructure Transport

Tough Bidding Norms Slow NHAI Road Project Awards

Stringent bidding rules imposed by the Ministry of Road Transport & Highways (MoRTH) have led to a slowdown in project awards by the National Highways Authority of India (NHAI), despite a robust Rs 3.5 trillion pipeline. According to an HDFC Securities report, the shift to more cautious developer models now favours firms with strong balance sheets, as tighter qualification norms limit aggressive bidders.The revised norms mandate additional performance security, targeting the exclusion of players that previously submitted low bids—often 25 to 40 per cent below NHAI cost estimates—raisin..

Next Story
Infrastructure Transport

Mumbai Gets Coastal Nod for Next Promenade Phase

As Mumbai prepares to open two major sections of its expansive seafront promenade this week, the city’s civic authority has secured a key coastal clearance to advance further construction. The Maharashtra Coastal Zone Management Authority (MCZMA) has approved the commencement of work on the segment between Haji Ali and Baroda Palace, with tendering expected soon after project cost assessments.The promenade, stretching 7.5 km in length and 20 metres wide, is being designed as a flagship open space for walkers, joggers, and cyclists. Two critical stretches—2.75 km from Tata Garden to Haji Al..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?