No resolution plan yet for Jet Airways; lenders to take a call on March 12

Under the insolvency and bankruptcy code (IBC), the amended maximum time limit for completion of CIRP has been set at 330 days, which includes the litigation period.

Efforts to revive Jet Airways have reached a dead end, as it did not receive any resolution plan from its suitors until the last date of plan submission.

The committee of creditors (CoC) of Jet is set to meet on Thursday to take a call on the future course of action, including liquidating the company. 

The resolution professional has not received any proposal or expression of interest from suitors, which would allow him to seek a further extension. Also, the 270 day corporate insolvency resolution process (CIRP) of the company comes to an end in the second week of March.