NCLT sets 90-day deadline for Jet Airways bankruptcy resolution

Jet stopped operations on April 17 leaving over 14,000 employees in the lurch

Jet lenders make last push to find investors to pick up stake with Etihad
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Subrata PandaAneesh Phadnis Mumbai
The National Company Law Tribunal (NCLT) on Thursday admitted the insolvency petition moved by State Bank of India (SBI) — under section 7 of the Insolvency and Bankruptcy Code (IBC) — against Jet Airways, and instructed that the resolution process be wrapped up in 90 days as the matter is of national importance. 

Typically, the corporate insolvency resolution process (CIRP) should be completed in 180 days, and an extra 90 days’ time is granted in case the process doesn’t conclude in the stipulated period. The interim resolution professional (RP) has been instructed to submit fortnightly progress reports on the CIRP process,

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First Published: Jun 21 2019 | 1:35 AM IST

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