Beyond Mayday: on bankruptcy code for aviation sector


Jet Airways may have finally run out of runway. Two months after Jet halted all flight operations, lenders to the beleaguered full service airline have decided to refer it to the National Company Law Tribunal and initiate insolvency proceedings in a bid to recover the money owed to them.

The lenders’ consortium arrived at this conclusion after unsuccessfully trying to rope in a white knight — an investor who would have helped put the airline’s flights back in the air, thus saving thousands of jobs and potentially helping turn around the carrier.

And while, theoretically, the Insolvency and Bankruptcy Code was conceived to help achieve a resolution that could potentially protect a running business and help revive it through capital restructuring under a new promoter Read More

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