NCLT grants 90-day extension to Jet Airways for resolution process

This is an exceptional case of extension beyond the 330-day limit under the insolvency and bankruptcy code.

The National Company Law Tribunal (NCLT) has granted a 90-day extension to Jet Airways’ corporate insolvency resolution process (CIRP). 

The earlier 270-day CIRP period was, under the rules, to end on March 15. A 90-day extension is legally allowed. 

The Resolution Professional’s counsel argued the lenders would get better value for their assets if these were sold in the CIRP period via a formal resolution plan, instead of the liquidation value also, some entities had shown interest and not withdrawn; a fair chance should be given to revive the airline company.

This is an exceptional case of extension beyond the 330-day limit under