$10 m interim fund for Jet Airways approved

Published on : Saturday, July 20, 2019

An interim funding of $10 million was approved by the Committee of Creditors (CoC) of Jet Airways (India) Ltd on Friday that will be availed for the corporate insolvency resolution process. This was confirmed by two people who requested anonymity.

 

 

People will be hired on contracts through the fund to verify claims made by different creditors.

 

 

The airline’s CoC led by the State Bank of India (SBI) in the past two days noted to vote on other resolutions. This included calling for bids  for bankrupt Jet Airways’ asset sale and admission of claims by creditors.

 

 

According to the first person the CoC voted in favour of a $10 million interim debt infusion by bankers that will process the insolvency resolution problem.

 

On April 18 the Jet Aiways was grounded and June 20 the Mumbai bench of the National Company Law Tribunal (NCLT) affirmed that Jet Aiways was under the Insolvency and Bankruptcy Code (IBC) and lenders referred it to the bankruptcy tribunal.

 

 

 

With a minimum net worth of 1,000 crore the CoC has also decided to allow bids for Jet Airways from investors.

 

The resolution professional (RP) on July 18 was appointed by lenders stated that the financial creditors having the first right to proceeds from Jet Airways’ bankruptcy resolution have claimed 10,231 crore. The 2,400 operational creditors claimed 12, 372 crore.

 

 

According to the RP of Jet Airways out of the 24,887 crore it admitted claims of 8,462.79 crore from the financial creditors.

 

 

Rs 15,044 crore claims were under verification while those of 1,380.82 crore were rejected.

 

 

The airline has come closer to liquidation due to the steep claims.

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