India markets closed

Jet Airways crisis: Synergy unlikely to present revival plan by December 16

FE Bureau
Jet Airways crisis, Jet Airways, Synergy, NCLT, insolvency case, industry news

The National Company Law Tribunal (NCLT) on Wednesday directed senior civil aviation ministry officials to appear before it during the next hearing of the Jet Airways insolvency case. The direction came after the counsel of the resolution professional (RP) of the beleaguered airline told the court that the Colombian Synergy Group, the only entity interested in Jet Airways, may not be able to present a resolution plan by the deadline of December 16, as it is seeking further clarity on Jet’s erstwhile slots.

Earlier this week, FE reported that the committee of creditors (CoC) of Jet Airways will meet next week to consider another extension to the Synergy Group for presenting a plan to revive the airline. In September, the group had met civil aviation ministry officials seeking assurance on the slots which were earlier allotted to Jet Airways, but were re-allocated to other  airlines after it was grounded. The Synergy Group, led by Bolivian-born entrepreneur German Efromovich, is particularly
keen on the slots in the Heathrow Airport, London.

The NCLT had earlier asked civil aviation ministry officials to be present during hearings to give clarity on slots. Representatives of the Directorate General of  Civil Aviation (DGCA) on Wednesday sought two weeks to give clarity on available slots.

The NCLT had also asked the Synergy Group’s representatives to appear before the judges. The RP’s counsel assured the court that the group’s representatives will be present during the next hearing.