Synergy group gets a month to submit resolution plan for Jet Airways

Lenders to Jet Airways have agreed to give the Synergy Group time till December 16 to submit a resolution plan to revive the grounded airline.

 

The proposal was discussed at the committee of creditors meeting in Mumbai on Tuesday and will be put to vote for a formal approval in the next few days. The Insolvency and Bankruptcy Code (IBC) requires completion of a resolution process within 180 days.

 

The code also provides for further extension. Jet Airways came under insolvency proceedings in June and the airline’s resolution professional Ashish Chhawchharia will make an application to the insolvency court seeking a 90-day extension in the resolution timeline. South America’s Synergy Group is the sole contender to revive the grounded airline.

 

It had been given time till November 15 to submit its bid. However, the group sought more time as it seeks clarity on airport slots in India and London.

 

The group has been in regular touch with the resolution professional and the airline management, giving hopes of a revival. The Mumbai Bench of the National Company Law Tribunal (NCLT) has sought an interaction with the Synergy Group by December 3 to understand its interest in restarting Jet.