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India's Bankruptcy Court Admits Insolvency Plea Against Jet Airways

Submitted by jhartgen@abi.org on

India’s bankruptcy court, the National Company Law Tribunal (NCLT), yesterday accepted an insolvency petition against Jet Airways Ltd filed by its creditors as they attempt to recover some of their dues, Reuters reported. The insolvency process will allow lenders to sell the company as a whole or in parts, laying out a fixed timeline for a resolution around its future. Jet Airways, once India’s biggest private carrier, stopped flying in April after running out of cash, leaving thousands without jobs and pushing up air fares across the country. The tribunal urged resolution professionals to try and finish the process in three months, and submit fortnightly progress reports, saying that the matter was of national importance.