Jet Airways' CoC approves request for resolution plan, evaluation matrix

Debt-ridden airline Jet Airways August 6 said its committee of creditors (CoC) has cleared resolutions including a request for a resolution plan and approval of evaluation matrix, which is a framework for a resolution applicant, with requisite majority.

"...we wish to inform you that the e-voting for the Second Meeting of Committee of Creditors of Jet Airways (India) Limited was concluded at 6:00 PM IST on 6th August, 2019, in accordance with the Regulation 26 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution for Corporate Persons) Regulations, 2016, wherein all the Resolutions, including the Resolution for the approval of Evaluation Matrix and Request for Resolution Plan were passed by the CoC with requisite majority," Jet Airways said in the release to the exchanges.

The deadline for submitting expressions of interest (EOI) for stake sale in the defunct Jet Airways has been extended to August 10.

Moneycontrol on August 2 had reported that Etihad Airways and the Hinduja Group are unlikely to submit an expression of interest (EoI) for Jet Airways within the August 3 deadline and may prefer to wait a bit longer before making their interest official.

The Mumbai bench of National Company Law Tribunal (NCLT), on June 20, admitted a petition filed by the State Bank of India (SBI) for the resolution of Jet Airways under the Insolvency code and suggested a timeline of 90 days citing it as a matter of national importance.

Jet Airways owes more than Rs 8,000 crore to banks, and thousands of crores more in arrears to vendors, lessors and employees.