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NCLT allows 90 days' extension for Jet Airways insolvency process

Jet Airways' resolution professional had last week filed an application in ...

  • The NCLT Registrar advised that until filing counters are open, parties are directed not to make filings unless the matter is likely to be hit by limitation issues. "Only in cases that have limitation issues, matters may be filed online at Delhi, Mumbai, Hyderabad, Amravati and Jaipur and hard copy may be handed over when filing counters are opened," it said.

    The dedicated bankruptcy court has allowed the plea filed by the resolution professional (RP) of Jet Airways seeking an extension of 90 days for the corporate insolvency resolution process (CIRP).

    This is according to a National Company Law Appellate Tribunal verdict which said the promoters’ rights to be on board are transferable, and upheld a National Company Law Tribunal’s bench order asking them to vacate their position on the board. The appellate body hears appeals against the orders passed by NCLT.

    The stock quoted a 52-week high of Rs 366.95 and a 52-week low of Rs 14.7.

    Earlier, the Committee of Creditor (CoC) had approved Sterlite Power Transmission Ltd's (SPTL) bid by 95.15 per cent of voting share, which was subsequently also passed by the NCLT on January 30, 2020.

    “RCom in accordance with the stipulations contained in Regulation 30 of the SEBI ....hereby informs ...that resolution professional of RCom has duly filed the resolution plan as approved by the CoC with the... NCLT, Mumbai Bench on March 6, 2020 in accordance with Section 30(6) of the Insolvency and Bankruptcy Code, 2016,” said the company.

    Resolution of Jaypee Infratech’s bankruptcy case will provide relief to around 20,000 homebuyers in the company’s residential projects in Noida and Greater Noida. In its bid, NBCC had proposed to complete these stuck projects.

    The committee of creditors (CoC) had on February 18 set the new deadline of March 10 for submission of bids for the grounded airline after South American conglomerate Synergy Group and New Delhi-based Prudent ARC failed to meet the deadline.

    The 10-year-term loan would be used to refinance their acquisition of Essar Steel India, now known as ArcelorMittal Nippon Steel India Ltd. Other banks part of the loan pact are MUFG Bank Ltd , Sumitomo Mitsui Banking Corp, Mizuho Bank Europe N.V. and Sumitomo Mitsui Trust Bank Ltd (London Branch), Nippon Steel said in a statement.

    The resolution professional for Jaypee Infratech, Anuj Jain, had filed a plea before the NCLT to approve NBCC's bid. Jaypee Infratech's creditors, including both financial and homebuyers, had approved the bid by the NBCC, which in turn has promised to complete the projects left midway by Jaypee Infratech.

    The NCLT Delhi bench on Tuesday approved the bid of state-owned NBCC to acquire debt-laden JIL through an insolvency process and complete around 20,000 pending flats over the next three and a half years. The court also ordered that the Rs 750 crore deposited by JAL with the registry of the Supreme Court would be part of the resolution plan.

    NBCC got approval from the NCLT to acquire the debt-laden firm through an insolvency process

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