Jet Airways’ Lenders To Extend Interim Funds
A Boeing Co. 737 aircraft operated by Jet Airways (India) Ltd. approaches to land at Chhatrapati Shivaji International Airport in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Jet Airways’ Lenders To Extend Interim Funds

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Jet Airways (India) Ltd., which is undergoing insolvency proceedings, will receive interim funding from its lenders, according to a regulatory filing.

The full-service carrier shuttered operations in April after it ran out of cash.

The airline is now managed by an insolvency resolution professional appointed by the National Company Law Tribunal.

The proposal to raise interim finance and key terms for the eligibility criteria for the prospective resolution applicants have been approved by the requisite majority of voting share, the filing said.

The first meeting of Jet Airways' committee of creditors, after the airline was referred for resolution under the Insolvency and Bankruptcy Code, was held on July 16.

On Thursday, the resolution professional announced that he has received claims worth Rs 24,887 crore in 16,643 claims, including Rs 8,462 crore by financial creditors, against the company.

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