FE: Jet Airways creditors file claims worth Rs 30,907 crore

20 September 2019: The total claims filed by creditors against Jet Airways has been updated to Rs 30,907 crore. As on September 6, the resolution professional (RP) of the grounded airline has admitted claims worth Rs 14,054 crore. The RP is yet to verify claims worth Rs 3,202 crore. An earlier notification on claims against Jet Airways showed that total claims stood at Rs 30,588 crore as on August 7. Financial creditors, including domestic and foreign banks, have dues worth over Rs 8,200 crore with Jet Airways.

The total claims amount has risen even as the Synergy Group, the sole suitor for the beleaguered Jet Airways, met with lenders of the airline earlier this week seeking a haircut on its existing debt.

On June 24, the RP had invited operational and financial creditors to file claims against the airline. Claims worth Rs 13,670 crore have so far been rejected, according to data on the airline’s website.

Jet Airways has been grounded for five months. It halted operations on April 17, after lenders refused to provide emergency funding to the airline. Slots belonging to Jet Airways have since been reallocated to other airlines. Following the grounding of Jet Airways, lenders of the airline, led by the State Bank of India, tried in vain to sell the airline.

On June 20, the National Company Law Tribunal (NCLT) initiated insolvency proceedings against the airline. According to the timeline set out by the RP, the resolution plan for Jet Airways is expected to be finalised for the NCLT’s approval by October 27.

The Financial Express reported



Categories: General News, India Bankruptcy

Tags: , , ,

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: