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Jet Airways heading for insolvency proceedings

Local press reports claim that Grant Thornton India partner and head of restructuring services Ashish Chhawchharia has been appointed as resolution professional for the bankruptcy proceedings of Jet Airways. A consortium of 26 banks led by State Bank of India has taken Jet to the National Company Law Tribunal over debts of INR 8.5bn ($122m).

Jet Airways was grounded on 17 April 2019 and there now appears to be little likelihood of a rescue. Talks with the Hinduja Group and with Etihad Airways both came to nothing and most of Jet’s 123 aircraft have been taken back by lessors and its landing slots reallocated.

Other debts have been put at INR10bn ($144m) to vendors and more than INR3bn ($43m) to employees together with accumulated losses of INR13bn ($187m).

The company’s two independent directors, Ashok Chawla and Sharad Sharma resigned with effect from 17 June. Founder Naresh Goyal is the subject of investigations by several agencies, including the Enforcement Directorate and the Ministry of Corporate Affairs and the Income Tax Department.

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