NCLT admits insolvency plea by SBI against Jet Airways

Mumbai (Maharashtra): The local bench of National Company Law Tribunal (NCLT) on Thursday admitted the insolvency application filed by the State Bank of India (SBI) against grounded Jet Airways.
A Bench of judges V P Singh and Ravi Kumar Duraisamy admitted the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC).
The Bench said that the matter is of national importance and directed resolution professional, Ashish Chhawchharia of Grant Thornton, to complete the process within three months as against 180 days (six months) prescribed in the IBC.
The tribunal also rejected an intervention application moved by Netherlands-based operational creditors, citing lack of cross-border jurisdiction.
The matter will be further taken up on July 5 for the filing of a progress report by the resolution professional.