Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
The slowdown because of the Covid-19 pandemic may be a big hurdle for Jet Airways. The Resolution Professional (RP) of the airline in a letter to its employees has said that the Creditors along with him are trying their best to expedite the process, but it "is difficult to predict when it will be complete exactly."
A year since Jet Airways went belly up, it is still scouting for a buyer. In June this year, in the fourth attempt to find a buyer for the debt-strapped airline, two potential buyers had submitted resolution plans.
The CoC is now in the process of evaluating the aforesaid resolution plans and engaging with the two parties to assess the feasibility and viability of their respective plans for Jet Airways as well as ensuring compliance with applicable laws under extant insolvency laws and regulations.
As per procedure, once the assessment is complete, the CoC shall vote on the resolution plans which, in their opinion, would be in the best interest of the Company and all our stakeholders. For any resolution plan to be considered approved, it will need to secure the vote of at least 66 per cent of the CoC members in value terms.
Subsequently, upon approval of a resolution plan by Hon'ble NCLT, the Company will be handed over to the successful resolution applicant in the manner contemplated under the approved resolution plan.
Ashish Chhawcharria, the RP has assured the employees that the team is working towards finalising the buyer, however, he has also warned about the impact of the Covid-19 pandemic among other things.
"While the CoC and the RP are taking all necessary steps to expedite the process, is difficult to predict when it will be complete exactly. The complications are multiplied to the prevailing pandemic situation, but please be assured that the CoC and I are doing everything possible to conclude the process at the earliest," he said in the letter reviewed by BusinessLine.
The CoC and the undersigned are now in the process of evaluating the aforesaid resolution plans and engaging with the RAs to assess the feasibility and viability of their respective plans for Jet Airways as well as ensuring compliance with applicable laws under extant insolvency laws and regulations.
The RP further informed that all the creditors/stakeholders, including employees/workmen should be paid strictly under the terms and timelines laid down in the approved resolution plan and extant laws in this regard.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Citroen’s first vehicle sports a novel design and European interiors. It is also meant to be as comfortable as ...
The pandemic is only the tip of the iceberg that the country’s cash-poor airlines — both regional and national ...
The government is yet to specify the framework of its recently announced old vehicle scrappage policy
This Women’s Day, we discuss the features of a few financial products that aim to help you save, get insured ...
Sensex, Nifty 50 make a strong bounce-back, but test resistances
Avenue Supermarts (₹3,286.1): Makes fresh all-time highIn October last year, the stock of Avenue Supermarts ...
The exchange-traded fund ticks all boxes as an efficient tool to track gold prices
A cop, a poet, a wedding planner, an outraged wife: On International Women’s Day, a look at diverse stories ...
India’s privacy law must balance the rights of children with online safety
Muriel has put our names down on a list to get the Covid-19 vaccination because — hurrah! — the age limit has ...
They are the health warriors who battled the Covid-19 pandemic on the ground, and are now the face of the ...
Comfort, convenience, value, safety — and not necessarily the colour pink — but do brands deliver?
Why and how marketers have used camels, and left us thirsting for more
Start-up SALT wants to break feminine stereotypes around money, and is asking women to reassert agency
It’s that time of year again when brands suddenly start paying obeisance to women power. From sentimental to ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor