Resolution plan at implementation stage; FY24 results delayed: Jet Airways

Jet Airways delays financial results declaration, monitoring committee to meet soon for consideration and adoption of results

Published - May 30, 2024 05:39 pm IST - New Delhi

Image for representation. File

Image for representation. File | Photo Credit: K. Pichumani

Jet Airways on May 30 said there will be a delay in declaring the financial results for the quarter and year ended March 2024, and its monitoring committee expected to meet shortly to consider the results.

"We wish to state that currently the approved resolution plan is at the implementation stage and every effort is being ensured to comply with the necessary provisions of SEBI LODR Regulations, as such a meeting of the monitoring committee will be convened at the earliest to consider and adopt the aforesaid financial results," the airline said in a regulatory filing.

Jet Airways, which stopped flying in April 2019 due to financial crunch, is undergoing an insolvency resolution process.

The resolution plan submitted by the consortium of Murari Lal Jalan and Florian Fritsch was approved by the Mumbai bench of the National Company Law Tribunal (NCLT) in June 2021.

Subsequently, the monitoring committee was set up to oversee the implementation of the approved plan. The plan is yet to be implemented.

The committee has not considered adopted the financial results for the September and December quarters of the last financial year.

"Consequently, the audited financial results [standalone] of the company for the quarter and year ended March 31, 2024 also could not be considered and adopted by the monitoring committee.

"... a meeting will be convened shortly to consider and adopt the aforesaid financial results of the company. Accordingly, necessary intimation wrt the same will be filed with the exchanges," the filing said.

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