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NCLT defers hearing on Jet Airways to June 20

Jet Airways halted operations on April 17 after lenders refused to provide emergency funding.
By ENS Economic Bureau | • Mumbai |
Updated: June 14, 2019 4:01:37 am

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PM Modi’s flight avoids Pakistan airspace: Here’s what overflying curbs mean for the industry

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NCLT adjourns hearing on Jet Airways to June 20

Insolvency: NCLT to hear 3 pleas against Jet Airways today

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 Jet Airways bankruptcy: NCLAT to hear SBI petition Thursday;
shares tank

SBI moves NCLT against Jet Airways; shares plunge 41%

The matter was slated to be heard on Thursday, but no one appeared on behalf of Jet Airways.

The National Company Law Tribunal (NCLT) on Thursday adjourned the hearing on Jet Airways’
insolvency case to June 20. Two companies, Shaman Wheels and Gaggar Enterprises, had on
Monday moved the insolvency court in Mumbai against the airline to recover their dues.

The matter was slated to be heard on Thursday, but no one appeared on behalf of Jet Airways.
The
NEXTNCLT will issue notices to Jet and if no one appears on behalf of the grounded airline on
STORIES

1
JunePM
20,Modi’s
the former may decide
flight avoids to airspace:
Pakistan admit theHere’s
insolvency pleas ex-parte.
what overflying curbs mean for the industry

The two operational creditors have already sent private notices to Jet. Shaman Wheels, a
vehicle supplier, has dues of over Rs 6 crore with Jet, while Gaggar Enterprises, a mineral water
2NCLT adjourns hearing on Jet Airways to June 20
supplier, is owed a little over Rs 53 lakh. A section of Jet pilots is also planning to drag the
grounded carrier to the insolvency court over pending salaries and other dues of around 600
pilots.

3IndiGo announces special summer sale, domestic flights at Rs 999

The carrier has already been declared bankrupt overseas by a Dutch court. A court of North
Holland passed the order ex-parte in response to a plea led by two European operational
creditors with dues of around Rs 280 crore. An appeal has not yet been led on behalf of the
airline.

Hope is waning over the possibility of revival of the airline, as lenders to Jet Airways have not
made signi cant headway in its sale process. The State Bank of India-led consortium of
lenders offered to sell 75 per cent stake in the airline in April, after Jet Airways failed to meet its
debt obligations. Only Etihad Airways had shown some interest at the time. The Hinduja group,
which in May said it was evaluating the Jet opportunity, is yet to make a commitment,
according to people involved in the proceedings.

Jet Airways halted operations on April 17 after lenders refused to provide emergency funding.
Most of its slots have since been reallocated to other airlines by the Civil Aviation Ministry. The
defunct airline is understood to owe over Rs 8,000 crore to its nancial creditors alone. —FE

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1PM Modi’s flight avoids Pakistan airspace: Here’s what overflying curbs mean for the industry

2NCLT adjourns hearing on Jet Airways to June 20

3IndiGo announces special summer sale, domestic flights at Rs 999