Udayavni Special

Jet Airways: Seven-member monitoring panel to manage airline under resolution plan


PTI, Jun 26, 2021, 8:37 PM IST

Image for representation

New Delhi: A seven-member monitoring committee, including members appointed by the winning bidder Jalan Kalrock Consortium and the lenders, will soon start managing the day-to-day affairs of Jet Airways till the resolution process is complete.

Further, Ashish Chhawchharia has ceased to be the resolution professional of the airline, according to a regulatory filing.

On June 22, the National Company Law Tribunal (NCLT) approved the consortium’s resolution plan for grounded Jet Airways, subject to certain conditions.

The full-service carrier, which suspended operations in April 2019, was undergoing Corporate Insolvency Resolution Process (CIRP).

”The CIRP of the company has therefore concluded and Mr Ashish Chhawchharia has ceased to be the resolution professional of the company, effective on and from June 25, 2021,” the filing to the stock exchanges said on Saturday.

As per the terms of the approved resolution plan, a seven-member monitoring committee is required to be constituted. Three members each would be appointed by the consortium and the financial creditors, respectively. Also, there would be an ”independent insolvency professional appointed by the financial creditors (preferably the existing resolution professional),” in the panel, as per the filing.

The committee would supervise the implementation of the resolution plan.

”… terms of appointment and duties of the monitoring committee will be as set out in the resolution plan and the day-to-day operations and the management of the company shall be carried out by the monitoring committee until the closing date as defined in the resolution plan,” the filing said.

As per the filing, the actions in respect of the appointment as well as duties and functions of the committee, and implementation of the resolution plan will be taken in accordance with the resolution plan. The same would be subject to any directions that may be issued by NCLT in this regard.

On June 25, NCLT published the written order approving Jalan Kalrock Consortium’s resolution plan and the approval is subject to certain directions. A separate order regarding the directions would be issued later by the tribunal.

While clearing the resolution plan, NCLT also made it clear that it will not give any direction on the issue of airport slots for the airline, citing that the matter will be handled by the government or the appropriate authority concerned.

On June 22, Jalan Kalrock Consortium said it will decide on the next steps after receiving NCLT’s written order and emphasised that it will work with the aviation authorities to see the airline taking wings again.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Kargil, Leh join hands to push for statehood, constitutional safeguards for Ladakh

Bommai leaves for Delhi to consult BJP leadership on cabinet expansion

Sindhu India’s pride, one of our most outstanding Olympians: PM Modi

India beat Great Britain 3-1, enter semis of Olympics men’s hockey after 49 years

Bommai congratulates shuttler Sindhu for winning bronze medal in Olympics

Bengaluru: ‘Six railway stations to get inter-model facilities’

Pak finalises law to award provisional provincial status to GB, states report


Related Articles More

Kargil, Leh join hands to push for statehood, constitutional safeguards for Ladakh

Sindhu India’s pride, one of our most outstanding Olympians: PM Modi

Shah pays tributes to Bal Gangadhar Tilak on his death anniversary

Duty of society to offer opportunity to ”criminal” to defend himself: SC Judge

Language of intimidation won’t be tolerated: Thackeray warns opponents

MUST WATCH

PV Sindhu Wins Bronze Medal

Toursts in jog falls

School Students now grazing cows

UDAYAVANI NEWS BULLETIN 01-08-2021

Significance Of Cow Dung

Latest Additions

Kargil, Leh join hands to push for statehood, constitutional safeguards for Ladakh

Bommai leaves for Delhi to consult BJP leadership on cabinet expansion

Sindhu India’s pride, one of our most outstanding Olympians: PM Modi

India beat Great Britain 3-1, enter semis of Olympics men’s hockey after 49 years

Bommai congratulates shuttler Sindhu for winning bronze medal in Olympics

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.