Jet Airways’ rescue postponed

Jet Airways’ rescue postponed

The deadline for completion of Jet Airways (India) Ltd’s insolvency decision course of, which was earlier prolonged until August 21 because of the nationwide lockdown, can be prolonged additional due to the pandemic.

In a letter to Jet Airways workers on Thursday, a day earlier than the top of the most recent deadline for the insolvency course of, the lenders-appointed decision skilled (RP) Ashish Chhawchharia stated it’s “tough” to provide a time-frame for completion of the insolvency course of due to the Covid-19 disaster.

“Whereas the CoC (Committee of Collectors) and the RP are taking all needed steps to expedite the insolvency course of, it’s tough to precisely predict when it is going to be accomplished,” Chhawchharia stated within the letter. “The issues are multiplied because of the prevalent pandemic scenario, however please be assured that the CoC and I are doing all the pieces attainable to conclude the method on the earliest,” he added. A replica of the letter has been reviewed by Mint.

The insolvency course of for Jet Airways, grounded since April 2019 because of a extreme money crunch, was earlier purported to be accomplished by June 13. This was prolonged to August 21. When contacted, the RP stated the deadline for finishing the insolvency course of has been prolonged because of the Covid-19-related restrictions. He stated additionally {that a} contemporary deadline for completion of the method hasn’t been introduced because of Covid-19 associated uncertainties.

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