NCLT Extends Resolution Process For Crisis-Hit Jet Airways By 90 Days

Resolution on extension gets 90% vote from CoC

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The Mumbai Bench of National Company Law Tribunal (NCLT) on Friday approved the extension of the Corporate Insolvency Resolution Process (CIRP) for Jet Airways by 90 days.

The extension comes after the CIRP did not make any headway during the mandated 180-day period. The Insolvency and Bankruptcy Code permits one-time extension up to 90 days by the NCLT in deserving cases.

Ashish Chhawchharia, the Resolution Professional (RP) for the defunct Jet Airways, had filed a miscellaneous application before the two-member Bench on December 13 where he also attached the minutes of the Committee of Creditors (CoC) meeting.