Jet Airways' Insolvency Hearing Adjourned to Nov 9

02 Nov 2023 CW Team

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.