JET CREDITORS COMMITTEE TO MEET TOMORROW

MUMBAI: The committee of creditors (COC) of Jet Airways (India) Ltd will hold its second meeting on Thursday to discuss various issues related to its insolvency proceedings, the airline informed the stock exchanges on Tuesday.

A person aware of the matter said the COC, which approved an interim funding of $10 million (about ₹69 crore) for the grounded airline on July 19 will discuss, among other things, hiring people on contract to verify claims made by various creditors.

“The interim funding of $10 million will be used to hire people on contracts to verify claims made by different creditors of the airline,” said the person, requesting anonymity.

Jet Airways was grounded on April 18 due to an acute fund crunch.

On June 20, the Mumbai bench of the National Company Law Tribunal (NCLT) admitted Jet Airways for bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC).

Meanwhile, the COC has also decided to allow bids from investors with a minimum net worth of ₹1,000 crore.

On July 18, the resolution professional (RP) appointed by Jet’s lenders said the financial creditors who have the first right to proceeds from Jet Airways’ bankruptcy resolution, have claimed ₹10,231 crore, while 2,400 operational creditors have claimed ₹12,372 crore.