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Jet Airways’ Lenders Approve Resolution Plan for Bankrupt Firm

This brings a 16-month long process to recover dues to lenders closer to completion.

Jet Airways’ Lenders Approve Resolution Plan for Bankrupt Firm
A Jet Airways passenger plane parked at Singapore’s Changi Airport is framed by two visitors. (Photographer: Jonathan Drake/Bloomberg News)

A panel of creditors to Jet Airways India Ltd. approved a resolution plan for the bankrupt airline, bringing a 16-month long process to recover dues to lenders closer to completion.

Jet Airways’ lenders accepted the plans submitted by Murari Lal Jalan and Florian Fritsch, the carrier said in a filing on Saturday. The airline didn’t provide any further details on the bidders or their proposal.

Once India’s largest carrier by number of passengers, Jet Airways went into bankruptcy in 2019 after it failed to repay mounting debt, reflective of the nation’s struggling aviation sector. The lenders approved the plan via e-voting, and the carrier’s resolution official will now seek to take the process forward in the bankruptcy court, the company said.

©2020 Bloomberg L.P.