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Jet Airways' lenders to extend interim funds

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.

Published: 20th July 2019 12:47 AM  |   Last Updated: 20th July 2019 12:47 AM   |  A+A-

Jet Airways aircraft

Jet Airways aircraft (File Photo | PTI)

By PTI

NEW DELHI: Jet Airways, 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 (NCLT). 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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