As per report the troubled private airline Jet Airways may go into liquidation since no serious offer has been received for the airline that has run up huge debts and its operations have been shut for over four months and there were some expressions of interest received by the Committee of Creditors (CoC) and the resolution professional (RP). However, most of them either withdrew or conveyed their decision not to pursue with the case.
Furthermore some of the serious contenders were Etihad Airline which already had an association with Jet Airways under Naresh Goyal. Meanwhile the Vedanta Group’s Volcan Investments was another company that showed interest but backed out and apart from these there were hardly any proposals worth being taken up at the level of CoC.
Moreover in terms of the timeframe, the judge hearing the Jet Airways case had given a 90-day window to the CoC to find a buyer for the airline and this was in June and that 90-day period gets over in the next few days. The creditors are expected to meet shortly and as on date it appears the only option in front of them will be to bind the airline over for insolvency. Presently the question that many interested observers are asking is what happens to the creditors are not of Indian origin and whether they would be bound by the running of the National Company Law Tribunal in such matters?
Countdown Begins to Demolish Chandrababu's House CRDA has issued provisional notices to 24 unauthorized constructions that are located along Krishna River and are violating the norms. Demolition notices were issued to five buildings including the rented residence of Former Chief Minister, Chandrababu Naidu.
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