Wednesday, September 28, 2022

Jet Airways RP invites Expression of Interest by August 3

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New Delhi: Debt-ridden Jet Airways’ Resolution Professional (RP) has invited Expression of Interest (EoI) from prospective buyers by August 3 in a bid to salvage the airline. The lenders of the airline had previously failed to attract buyers for the airline and had then taken Jet to National Company Law Tribunal’s (NCLT) door for insolvency.

Important dates

An advertisement posted on the airline’s website on Saturday said that the deadline for finalising the list of bidders is August 14. The resolution plans will have to be submitted by September 5.
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The RP has set September 20 as the date for the submission of a resolution plan for approval by NCLT.

The backdrop

The news comes as the next hearing of the insolvency case is slated to take place on July 23. At the hearing, the RP will be required to apprise the bench of the progress in the matter. While noting that the case of Jet Airways was “a matter of national importance,” the NCLT has asked the RP to finalise a rescue plan within 90 days, instead of 180 days as permitted under the Insolvency and Bankruptcy Code (IBC).

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