Jet Creditors May Ask Court To Extend Liquidation Deadline

Lenders to the now defunct Mumbai-based Jet Airways plan to request the court extend a mid-March deadline for creditors to agree on a resolution plan or allow the airline company to go into liquidation.

Potential buyers of the airline may also seek more time to prepare bids to purchase the defunct airline company.

It may be recalled that while the bidding deadline for Jet Airways which went bankrupt in 2019 has been extended before, without any court action, the airline could be forced into liquidation if there is any further delay in bids by suitors and the mid-March date too isn’t met.

Bolstering the case for a court-mandated extension is the entrant of an unidentified third shortlisted bidder to rival Synergy Group Corp and Prudent ARC Ltd.

The three potential buyers have asked for more time to undertake due diligence and solidify bidding groups and won’t be able to bid by the March 9 deadline.