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ARTICLE · 08 MARCH 2022

Jet Airways: An Insolvency Resolution Journey

Khurana & Khurana, Advocates and IP Attorneys
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Jet Airways, which started off as an air taxi operator in 1993 and became a scheduled carrier in 1995, has been under insolvency for two years after it shut operations in April 2019 under a heavy debt.

IndiaInsolvency/Bankruptcy/Re-Structuring
Poonam Nahar
Poonam Nahar
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Jet Airways, which started off as an air taxi operator in 1993 and became a scheduled carrier in 1995, has been under insolvency for two years after it shut operations in April 2019 under a heavy debt. Jet Airways is the first Indian carrier/airline to undergo insolvency proceedings under the Cross Border Insolvency Protocol along with the Insolvency and Bankruptcy Code (IBC) of India.

FACTS:

A Company petition was filed in the National Company Law Tribunal (NCLT), Mumbai against Jet Airways (India) Limited ("Company") u/s 30(6) read with Section 31 of the Insolvency and Bankruptcy Code (IBC), 2016 for the initiation of insolvency proceedings by State Bank of India in the capacity of it being a Financial Creditor to the Company.

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