Jet Airways’ lenders approve resolution plan after 16-month long wait

By: |
October 17, 2020 5:21 PM

Jet Airways went into bankruptcy in 2019 after it failed to repay mounting debt, reflective of the nation’s struggling aviation sector.

jet airways, bankruptcy, resolution plan, aviation sectorJet Airways’ lenders accepted the plans submitted by Murari Lal Jalan and Florian Fritsch.

A panel of creditors to Jet Airways India Ltd. approved a resolution plan for the bankrupt airline, bringing a 16-month long process to recover dues to lenders closer to completion. Jet Airways’ lenders accepted the plans submitted by Murari Lal Jalan and Florian Fritsch, the carrier said in a filing on Saturday. The airline didn’t provide any further details on the bidders or their proposal.

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Once India’s largest carrier by the number of passengers, Jet Airways went into bankruptcy in 2019 after it failed to repay mounting debt, reflective of the nation’s struggling aviation sector. The lenders approved the plan via e-voting, and the carrier’s resolution official will now seek to take the process forward in the bankruptcy court, the company said.

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