Jet Airways' CoC to seek 2 months extension for bids from NCLT

13 Mar 2020

Jet Airways' Committee of Creditors (CoC) has decided to approach the National Company Law Tribunal (NCLT) to seek two months extension of deadline for submission of bids, which expired on March 10. The CoC may seek an extension in the deadline in the face of no potential bidder coming forward and also due to the ongoing coronavirus concerns as it feels that it may not get the desired results if it were to go for liquidation of assets at this stage.

The bankers' committee 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.

Jet Airways (India) is India’s premier international airline, which operates flights to India and overseas.

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