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Jet creditors seek 90-day extension in insolvency resolution process

Synergy Group is the only interested entity shortlisted by the Resolution Professional's team to file a plan for the defunct airlines

Jet Airways
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Jet Airways

Subrata Panda Mumbai
The committee of creditors (CoC) of the beleaguered Jet Airways has decided to file an application before the National Company Law Tribunal (NCLT) for extending the corporate insolvency resolution process (CIRP) of the company by 90 days. 

Under the Insolvency and Bankruptcy Code (IBC), the CIRP period can be extended by 90 days from the stipulated 180 days if there is a chance of resolution of the firm. The 180-day timeline of Jet ends on December 16. 

In a filing to the stock exchanges, the company said lenders in the fifth CoC meeting passed resolutions to extend the last day for submission

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First Published: Nov 28 2019 | 12:12 AM IST

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