SBI takes Jet Airways to NCLT for Resolution

By INSOL India Editorial Team Posted On : July 15, 2019

A consortium of 26 lenders, led by the State Bank of India had approached the Mumbai bench of NCLT to initiate corporate insolvency resolution process (“CIRP”) against Jet Airways (India) Ltd. Earlier, the lenders have made efforts to find a resolution for Jet Airways outside IBC but finally decided to enter into IBC for seeking resolution. The application for initiation of CIRP against the airline was admitted by the Mumbai bench of NCLT on June 20, 2019. The bench on July 5, 2019 said that it will hear the insolvency case against the airline. and next progress report by the IRP,. The bench further said it will issue notice to one of Jet Airways’ lessors and regulator Directorate General of Civil Aviation (DGCA) to appear before it on July 19, 2019 in relation to deregistration of a Boeing 777 aircraft belonging to the airline due to non-payment of dues.