New Delhi: Insolvency proceedings have been initiated against debt-ridden Jet Airways, which formally stopped flying on 17 April and saw lenders voting for bankruptcy earlier this month.
The cash-strapped company became the first domestic airliner to go into bankruptcy after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed by SBI on behalf of 26 lenders on 20 June.
“Pursuant to an order dated June 20, 2019 of NCLT Mumbai Bench, Corporate Insolvency Resolution Process (CIRP) has been initiated for Jet Airways (India) as per the provisions of Insolvency and Bankruptcy Code, 2016,” Jet Airways said in a regulatory filing on Sunday.
It further said that upon initiation of CIRP, the powers of…
Read the full article at: https://www.livemint.com/companies/news/jet-airways-crisis-insolvency-proceedings-initiated-1561283124597.html