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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Jet Airways (India) Limited    JETAIRWAYS   INE802G01018

JET AIRWAYS (INDIA) LIMITED

(JETAIRWAYS)
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Jet Airways India : India's bankruptcy court admits insolvency plea against Jet Airways

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06/20/2019 | 11:01am EDT
FILE PHOTO: Jet Airways aircrafts are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai

BENGALURU (Reuters) - India's bankruptcy court, the National Company Law Tribunal (NCLT), on Thursday accepted an insolvency petition against Jet Airways Ltd filed by its creditors as they attempt to recover some of their dues.

The insolvency process will allow lenders to sell the company as a whole or in parts, laying out a fixed timeline for a resolution around its future.

Jet Airways, once India's biggest private carrier, stopped flying in April after running out of cash, leaving thousands without jobs and pushing up air fares across the country.

The tribunal urged resolution professionals to try and finish the process in three months, and submit fortnightly progress reports, saying the matter was of national importance.

Law firm Cyril Amarchand Mangaldas will represent the interests of the lenders' consortium. Indian financial newspaper Mint on Wednesday reported that lenders had named Ashish Chhawchharia of Grant Thornton India as the resolution professional.

Sources told Reuters earlier this week that Jet's pilots and cabin crew, who are owed at least 4 billion rupees (£45 million) in unpaid salaries from January to May, had also sought legal advice on filing an insolvency petition.

(Reporting by Abhirup Roy in Mumbai,writng by Chandini Monnappa in Bengaluru; Editing by James Emmanuel)

Stocks mentioned in the article
ChangeLast1st jan.
JET AIRWAYS (INDIA) LIMITED -4.77% 17.95 End-of-day quote.-92.86%
STATE BANK OF INDIA 1.17% 258.45 End-of-day quote.-13.97%
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Financials (INR)
Sales 2019 245 B
EBIT 2019 -31 516 M
Net income 2019 -44 400 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020 -1,29x
Capi. / Sales2019 0,01x
Capi. / Sales2020 0,01x
Capitalization 2 016 M
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Mean consensus SELL
Number of Analysts 2
Average target price 177,00  INR
Last Close Price 17,95  INR
Spread / Highest target 886%
Spread / Average Target 886%
Spread / Lowest Target 886%
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Shrimanikandan Ananthvaidyanathan Chief Information Officer
Belson Coutinho Vice President-Marketing, eCommerce & Innovations
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Sonu Kripalani Senior Vice President-Guest Experience
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