New Delhi: National Company Law Tribunal (NCLT) on Friday published a written order to approve the resolution plan of the Jalan Colorrock consortium on the ground Jet Airways, and approval is subject to certain instructions.
A separate order regarding the directions by the Tribunal will be issued later.
On June 22, the tribunal through oral order approved the consortium’s plan to bankrupt Jet Airways under the bankruptcy law.
In a filing to the stock exchanges on Friday, Jet Airways’ resolution professional Ashish Chhawchharia said the tribunal has published a “written order (dated June 22, 2021)” approving the resolution plan.
The matter was taken up by the tribunal on June 22 through video conferencing.
“A counsel for the applicant, successful resolution applicant and the COC (Committee of Creditors) are present. Mr. Ashish Mehta, counsel for DGCA and Kahwa is also present. Ordered. The NCLT said in the order, IA No. 2081 of 2020 has been allowed under a separate order subject to certain instructions.
the applicant was state Bank of India, while the successful solution application is the Jalan CalRock Consortium. DGCA is Directorate General of Civil Aviation (DGCA) and MoCA is Ministry of Civil Aviation.
“All stakeholders are requested to note that as mentioned in the written order IA No. 2081 of 2020 (i.e. negotiation application relating to approval of the resolution plan) is permitted subject to certain directions which will be issued in a separate order. will be issued under the Act,” the filing said.
A separate order containing such instructions has not yet been made available.
On June 22, the tribunal, while approving the resolution plan, also clarified that it would not give any direction on the issue of airport slots for the airline, adding that the matter would be handled by the government or the appropriate authority concerned.
The financial crisis forced Jet Airways, which has been flying for more than two decades, to suspend operations on April 17, 2019, and a consortium of lenders led by the State Bank of India (SBI) signed an agreement in June 2019 to recover dues. Filed insolvency petition. There is an outstanding of more than Rs 8,000 crore.
On Friday, the stock of Jet Airways closed at Rs 115.05 per share, up about 5 per cent. BSE.
A separate order regarding the directions by the Tribunal will be issued later.
On June 22, the tribunal through oral order approved the consortium’s plan to bankrupt Jet Airways under the bankruptcy law.
In a filing to the stock exchanges on Friday, Jet Airways’ resolution professional Ashish Chhawchharia said the tribunal has published a “written order (dated June 22, 2021)” approving the resolution plan.
The matter was taken up by the tribunal on June 22 through video conferencing.
“A counsel for the applicant, successful resolution applicant and the COC (Committee of Creditors) are present. Mr. Ashish Mehta, counsel for DGCA and Kahwa is also present. Ordered. The NCLT said in the order, IA No. 2081 of 2020 has been allowed under a separate order subject to certain instructions.
the applicant was state Bank of India, while the successful solution application is the Jalan CalRock Consortium. DGCA is Directorate General of Civil Aviation (DGCA) and MoCA is Ministry of Civil Aviation.
“All stakeholders are requested to note that as mentioned in the written order IA No. 2081 of 2020 (i.e. negotiation application relating to approval of the resolution plan) is permitted subject to certain directions which will be issued in a separate order. will be issued under the Act,” the filing said.
A separate order containing such instructions has not yet been made available.
On June 22, the tribunal, while approving the resolution plan, also clarified that it would not give any direction on the issue of airport slots for the airline, adding that the matter would be handled by the government or the appropriate authority concerned.
The financial crisis forced Jet Airways, which has been flying for more than two decades, to suspend operations on April 17, 2019, and a consortium of lenders led by the State Bank of India (SBI) signed an agreement in June 2019 to recover dues. Filed insolvency petition. There is an outstanding of more than Rs 8,000 crore.
On Friday, the stock of Jet Airways closed at Rs 115.05 per share, up about 5 per cent. BSE.
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