Moneycontrol Be a Pro
Get App
you are here: HomeNewsBusiness
Last Updated : Sep 25, 2019 05:04 PM IST | Source: Moneycontrol.com

NCLT directs Jet Airways' creditors to release interim funds within 15 days: Report

The news follows after Jet Airways’ lone bidder, Synergy Group, met with government officials on September 18 to discuss revival of the sunken airline and recovery of its flying slots.

Representative Image
Representative Image
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

The National Company Law Tribunal (NCLT) has directed the financial creditors of Jet Airways to release interim funding for the airline within the next 15 days, according to a CNBC-TV18 report.

This is after Jet Airways’ lone bidder, Synergy Group, met with government officials on September 18 to discuss the revival of the sunken airline and recovery of its flying slots.

At present, Synergy Group is the only potential bidder for Jet Airways after the disqualification of Russian fund Treasury RA Creator following its failure to provide enough information about itself to the lenders-appointed resolution professional. The Russian fund also did not deposit the mandatory amount required to seek access to the airline’s data.

Close
Jet Airways suspended operations in April because of a severe cash crunch. A consortium of 26 banks led by the State Bank of India has approached the National Company Law Tribunal to recover dues of more than Rs 8,500 crore.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Sep 25, 2019 05:04 pm
Loading...
Sections
Follow us on
Available On