Business

Committee of Creditors extends Jet’s EoI deadline

Recently, the NCLT, Mumbai, had granted 90 days’ extension for the resolution of Jet Airways case

Recently, the NCLT, Mumbai, had granted 90 days’ extension for the resolution of Jet Airways case   | Photo Credit: AFP

‘Final extension before liquidation’

The Committee of Creditors (CoC) of Jet Airways (India) Ltd., at their seventh meeting held in Mumbai, approved a proposal to extend the deadline for accepting Expression of Interest (EoI) from interested parties to January 15, 2020 from the earlier January 6, 2020.

They have also decided that this would be the last extension of deadline, failing which liquidation proceedings will kick in.

Recently, the NCLT, Mumbai, had granted 90 days’ extension for the resolution of Jet Airways case.

A few more players other than the Synergy Group of Brazil are in the fray.

These include the Hinduja Group, Hyderabad-based ground handling company Turbo Aviation, and a Dubai-based fund.

In anticipation of a favourable news, Jet Airways stock on Tuesday closed with a gain of 4.99% at ₹32.60. The CoC also decided to get some of Jet Airways assets released and may have to make payment.

A member of the CoC said they discussed about the contours of releasing such assets. A European cargo service provider seized a Boeing 777-300 plane of Jet Airways at Amsterdam on account of non payment of dues and this aircraft may be released.

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Printable version | Feb 27, 2020 2:15:42 AM | https://www.thehindu.com/business/committee-of-creditors-extends-jets-eoi-deadline/article30463456.ece

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