NCLT concludes Jet Airways’ debt resolution hearings

By LE Desk

Mumbai, June 15, 2021: The Mumbai bench of NCLT has concluded hearings in the matter of Jet Airways, for the approval of the resolution plan submitted by a consortium of Kalrock Capital and Murari Lal Jalan. 

The Bench has reserved the order.

During the hearing yesterday, the two-judge Bench heard the clarifications on the resolution plan from the lawyers on behalf of the resolution applicant, Jalan and Kalrock, The Hindu Business Line reported.

Jet Airways, which became a scheduled airline in 1995, suspended operations due to financial distress on April 17, 2019. The lenders then dragged the company to the insolvency court over unpaid dues to the tune of ₹8,500 crore .

Meanwhile, the resolution professional appointed on behalf of Jet Airways has informed the exchanges about the Annual General Meeting for the fiscals 2019 and 2020 on June 15. The annual general meeting of Jet Airways scheduled to be held today was adjourned due to lack of quorum, according to a regulatory filing, The Hindu Business Line reported.