The resolution professional (RP) appointed by Jet Airways’ lenders, has invited an Expression of Interest (EoI) from prospective applicants by August 3 as part of its efforts to salvage the debt-ridden airline.
In an advertisement posted on the airline’s website on July 20, the RP has set a deadline of August 14 to come up with the final list of resolution applicants. The resolution plans will have to be submitted by September 5.
The RP has set September 20 as the estimated date for the submission of a resolution plan for approval by the National Company Law Tribunal (NCLT).
The next hearing on the insolvency case and RP’s progress report is on July 23.
On June 20, a consortium of 26 lenders, led by the State Bank of India (SBI), took the NCLT route as their final resort to recover loans of Rs 8,500 crore. They appointed Ashish Chhawchharia of Grant Thornton as the RP.
The airline, which was grounded on April 17, was unable to attract investors after lenders failed to reach a resolution plan despite various attempts.
Citing Jet Airways as “a matter of national importance,” the NCLT has ordered the RP to finalise a rescue plan within 90 days, instead of 180 days as permitted under the Insolvency and Bankruptcy Code (IBC).