by Malika Mahajan
/ 4 days ago
The JAMEWA has applied with the NCLT to expedite airlines' insolvency process before the end of this month to get 'summer slots'. According to an application filed, "for summer months international slots will be allocated by the end of January 2021. At present, the corporate debtor's slots, both international and domestic, have been temporally allocated to other airlines." The application urged NCLT to hear applications that it deems necessary to complete CIRP, the delay of which will cause further loss to the company and thousands of airline workers. The airline, which ceased all operations in April 2019, owes more than Rs 8,000 crore to banks, with public sector lenders having significant exposure. The NCLT had on June 20, 2019, admitted an insolvency petition against Jet Airways filed by lenders' consortium led by SBI.