The Bankruptcy Court recognizes insolvency of the process against Jet Airways

BENGALURU: The National Company Law Court (NCLT), a bankruptcy court in the country, accepted a claim for illiquidity against Jet Airways by its creditors on Thursday as they tried to reclaim some of their obligations.
The insolvency process will allow lenders to sell the company in whole or in part, setting a fixed time limit for a solution to its future.
Jet Airways, once the largest private carrier in India, stopped flying in April after it was left without cash, leaving thousands out of work and increasing the cost of airplanes across the country.
The tribunal has called on resolution experts to try to complete the process in three months and submit two-week progress reports, saying it is a matter of national importance.
Cyril Amarchand Mangaldas’s law office will represent the interests of the consortium of lenders. The Mint reported on Wednesday that lenders called Ashish Chhawchharia from Grant Thornton India as a professional resolution.

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