Friday, October 7, 2022

NCLT defers insolvency hearing against Jet Airways to June 20

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New Delhi: The National Company Law Tribunal (NCLT), which was supposed to hear the insolvency petition pertaining to Jet Airways on Thursday, adjourned the hearing to June 20. The tribunal asked the two operational creditors — Shaman Wheels and Gaggar Enterprises, who have approached the tribunal — to again serve legal notices to the grounded airline.
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This means that the NCLT is yet to admit the bankruptcy pleas against Jet Airways.

The two creditors had approached NCLT on June 10

The two companies had dragged the debt-ridden airline to the NCLT on June 10, seeking bankruptcy proceedings against the carrier. Jet Airways, which shut down operations in April, owes Rs 8.74 crore to Shaman Wheels and Rs 53 lakh to Gaggar Enterprises.

Jet’s dues

Cumulatively, Jet owes Rs 8,000 crore to a consortium of banks, led by the State Bank of India (SBI), which now runs the airline. Additionally, the airline has a much larger debt pile by way of accumulated losses to the tune of Rs 13,000 crore and vendor dues of over Rs 10,000 crore and salary dues of over Rs 3,000 crore.

SBI Capital Markets has been roped in by Jet’s creditors as the investment banker and has been tasked with finding an investor for the airline.

Bankruptcy proceedings would impact revival

Even as the fate of the insolvency petition hangs in the balance, creditors are currently trying to stave off the proceedings as it tries to look for an investor. Etihad Airways is currently in talks with Hinduja Group to buy the airline.

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