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Updated on: Saturday, December 21, 2019, 08:02 AM IST

Jet Airways resolution period extended by 90 days

The Committee of Creditors (CoC) sought extension of corporate insolvency resolution process (CIRP) of Jet Airways from the Mumbai bench of the NCLT
Jet Airways shares bounce back |

Jet Airways shares bounce back |

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New Delhi: The National Company Law Tribunal (NCLT) on Friday approved extension of Jet Airways insolvency resolution period by 90 days.

The Committee of Creditors (CoC) sought extension of corporate insolvency resolution process (CIRP) of Jet Airways from the Mumbai bench of the NCLT in view of South America's Synergy Group wanting more time for due diligence and two new interests being shown for the grounded airline.

The tribunal, comprising Bhaskara Pantula Mohan and Rajesh Sharma, gave their approval for the extension of time as the 180 days deadline for CIRP period of the grounded airline had ended on December 16.

On Thursday, Synergy Group Jet Airways' sole potential bidder had sought more time to take a decision on investing in the grounded airline.

After being asked to expedite their decision, the representative of the Synergy Group had said the company wants to comply with the tribunal's directions, but it also has to ensure that it takes the right decision on behalf of its stakeholders.

"We understand the urgency of the matter. However, we will require a little bit more time to arrive at the conclusion that this is the right decision on behalf of the stakeholders," he added.

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Published on: Saturday, December 21, 2019, 08:02 AM IST
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