Days after the National Company Law Tribunal initiated insolvency process against Jet Airways, its employees have received the first letter from Resolution Professional Ashish Chhawchharia. The letter, issued on June 20, states the Corporate Insolvency Resolution Process (CIRP) has started the insolvency process under the Insolvency and Bankruptcy Code (IBC). The bankruptcy tribunal has ordered a resolution within three months, failing which the airline could be headed for liquidation. The tribunal also asked the IRP to submit a status report on the resolution process every fortnight. The first status report is to be submitted on July 5, 2019. The letter says under Section 17 of the IBC, the IRP will takeover the company management and e…
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