 "Jet had shut its operations in April 2019 and was taken to the insolvency court two months after by its lenders.")
The National Company Law Tribunal (NCLT) has granted a 90-day extension to Jet Airways’ corporate insolvency resolution process (CIRP).
The earlier 270-day CIRP period was, under the rules, to end on March 15. A 90-day extension is legally allowed.
The Resolution Professional’s counsel argued the lenders would get better value for their assets if these were sold in the CIRP period via a formal resolution plan, instead of the liquidation value also, some entities had shown interest and not withdrawn; a fair chance should be given to revive the airline company.
This is an exceptional case of extension beyond the 330-day limit under
