The National Company Law Tribunal on Friday allowed Ashish Chhawchharia, the Resolution Professional (RP) for the defunct Jet Airways, to extend corporate insolvency resolution process (CIRP) of the carrier by 90 days.
The approval for the extension comes after the CIRP failed to make any headway during the mandated 180-day period. As per the Insolvency and Bankruptcy Code, deserving candidates can get a 90-day extension by the NCLT.
On December 13, Chhawchharia had filed a miscellaneous application before the bench. In the documentation, he had also attached minutes of the Committee of Creditors (CoC) meeting. The CoC had passed a resolution (by 90.08 per cent in favour) for the extension of the CIRP by 90 days, which was later followed by the NCLT’s approval for 90-days extension for completion of CIRP.
On Thursday, the NCLT had directed the CoC of Jet Airways to expedite their decision on seeking fresh expression of interest in view of new interest being shown for the grounded airline.
The tribunal had earlier in the month sought clarity from the government and the Directorate General of Civil Aviation (DGCA) regarding the slots of now insolvent Jet Airways.
(With input from agencies)