Jet Airways’ bankruptcy resolution process deadline till August 21 due to lockdown

The deadline for private sector airline Jet Airways to complete the insolvency resolution process has been extended to August 21, 2020 due to the lockdown implemented due to the corona virus.  The operation has been closed since March 2019, at  a time when fresh bids have been sought for the stalled airline. Jet Airways, a full aviation services company, is operational from March 2019.  The deadline set for June 13 is  currently under Airline Corporate Insolvency Resolution Procedure (CIRP). The deadline to complete it was set for 13 June. The information given to the stock exchanges stated that the lockdown period from March 24 to May 31 would not be included in the CIRP deadline calculation. So extended deadline

A nationwide shutdown was announced on March 24 to control the corona virus epidemic. Till now it has been increased three times. It is now until 31 May. A notice sent to the stock markets on Friday said that due to this Jet Airways CIRP deadline has now come to 21 August 2020. 

It added that the airline’s registered office is in Mumbai, where the lockdown has been in force since March 24. The National Company Law Appellate Tribunal (NCLAT) said in March that the shutdown period of the central and state governments would be kept separate from the CIRP calculations.

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