Comments
Shares of Jet Airways on Friday plunged as much as 4.74 per cent to hit lower price band on the BSE as its deadline for submission of bids ended. The stock was locked in lower circuit on the BSE and the NSE at ₹18.05 and ₹17.70, respectively.
Jet Airways’ Committee of Creditors (CoC) on Thursday decided to approach the National Company Law Tribunal (NCLT) to seek two months’ extension of deadline for submission of bids, which expired on Tuesday.
Related Stories
Jet Airways lenders not giving up yet on debt resolution process
To seek 90 days more from NCLT to find a buyerThe CoC may seek an extension in the deadline in the face of no potential bidder coming forward and also due to the ongoing coronavirus concerns as it feels that it may not get the desired results if it were to go for liquidation of assets at this stage, according to sources privy to the development.
The bankers’ committee had on February 18 set the new deadline of March 10, for submission of bids for the grounded airline after South American conglomerate Synergy Group and New Delhi-based Prudent ARC failed to meet the deadline.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.