Jet Airways' CoC extends deadline for submission of resolution plan to December 16

Last Updated : Nov 27, 2019 09:49 PM IST | Source: Moneycontrol.com The CoC will also file an application for the extension of the corporate insolvency resolution process (CIRP) by another 90 days, the statement said.
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Jet Airways' Committee of Creditors (CoC) has extended the last date for the submission of the resolution plan to December 16, as per an exchange filing.The CoC will also file an application for the extension of the corporate insolvency resolution process (CIRP) by another 90 days, the statement said.As per reports last week, the CoC, which consists of lenders to the now-defunct airline, were expected to give the Synergy Group another four weeks to submit its bid for Jet Airways.The National Company Law Tribunal (NCLT), on November 18, asked Synergy to present the resolution plan by December 3. The Tribunal has also asked the Ministry of Civil Aviation and the DGCA to be made a part of the proceedings.This is important as Synergy has been seeking information on the availability of Jet Airways slots and flying rights, which are critical to turning around the Indian carrier's operations. Both the ministry and the regulator are best-placed to give clarity on the slots and flying rights.Much of Jet Airways slots in Delhi and Mumbai airports have been distributed to peers such as IndiGo and SpiceJet. Synergy has been particularly interested in the slots Jet Airways had in London's Heathrow airport.But, these slots have been sold to Etihad Airways, which itself has 24 percent stake in Jet Airways.Apart from the slots and flying rights, Synergy would also need to bring clarity on its Indian partner as regulations allow only an Indian investor to have control over the airline.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 Nov 27, 2019 09:47 pm




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