Jet Airways plummets 12% despite NCLT adjourning insolvency plea

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Shares of Jet Airways plummeted as much as 12 percent intraday on June 14 after the National Company Law Tribunal (NCLT) adjourned an insolvency plea against the carrier, giving it a fresh lease of life.

Sources told Moneycontrol that officials of Jet Airways, Etihad Airways and the Hinduja Group are now in constant dialogue to chart out a revival plan along with the lenders.

There had a been a question mark over the talks after two operational creditors of Jet Airways filed the insolvency petition against the airline at the Mumbai bench of NCLT. The Tribunal has adjourned the plea to June 20.

Jet Airways has asked for more time to respond.

Additionally, CNBC-TV18 reported that information has been sought on requirements to restart Jet Airways operations, which were suspended on April 17. A war room has been created to give the relevant information, the channel added.

Despite the progress, some apprehensions still remain as it is unclear if Etihad Airways and the Hinduja Group have got all the assurances that they have been seeking from the government.

The two interested parties had asked for a deep haircut on Jet Airways debt of over Rs 8,000 crore.

At 0929 hrs, Jet Airways was quoting Rs 81, down 11.91 percent on the BSE.