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Jet Airways' CoC extends deadline for submission of resolution plan to December 16

The CoC will also file an application for the extension of the corporate insolvency resolution process (CIRP) by another 90 days, the statement said.

November 27, 2019 / 09:49 PM IST
 
 
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Jet Airways' Committee of Creditors (CoC) has extended the last date for the submission of the resolution plan to December 16, as per an exchange filing.

The CoC will also file an application for the extension of the corporate insolvency resolution process (CIRP) by another 90 days, the statement said.

As per reports last week, the CoC, which consists of lenders to the now-defunct airline, were expected to give the Synergy Group another four weeks to submit its bid for Jet Airways.

The National Company Law Tribunal (NCLT), on November 18, asked Synergy to present the resolution plan by December 3. The Tribunal has also asked the Ministry of Civil Aviation and the DGCA to be made a part of the proceedings.

This is important as Synergy has been seeking information on the availability of Jet Airways slots and flying rights, which are critical to turning around the Indian carrier's operations. Both the ministry and the regulator are best-placed to give clarity on the slots and flying rights.

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Much of Jet Airways slots in Delhi and Mumbai airports have been distributed to peers such as IndiGo and SpiceJet. Synergy has been particularly interested in the slots Jet Airways had in London's Heathrow airport.

But, these slots have been sold to Etihad Airways, which itself has 24 percent stake in Jet Airways.

Apart from the slots and flying rights, Synergy would also need to bring clarity on its Indian partner as regulations allow only an Indian investor to have control over the airline.
Moneycontrol News
first published: Nov 27, 2019 09:47 pm

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