Creditors’ panel to vote on $10 mn interim fund for Jet tomorrow


The committee of creditors (CoC) of Jet Airways will vote on Thursday on whether to pump in $10 million into the airline as interim funding, said a person aware of the development.

This, along with other resolutions, was discussed at the first CoC meeting of Jet Airways on Tuesday. The other resolutions included calling for bids and admission of claims by creditors.

“We will seek proposals from investors in the coming weeks and investors who had shown interest in the airline before it was referred to NCLT will have to send a fresh proposal,” the person mentioned above said on condition of anonymity. The advertisements for these will be published soon, he said.

The Mumbai bench of the National Company Law Tribunal (NCLT) on 20 June admitted Jet Airways under the Insolvency and Bankruptcy Code (IBC) after lenders referred it to the bankruptcy tribunal. Read more

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