INSUBCONTINENT EXCLUSIVE:
The stock opened at Rs 56.60 against its previous closed at Rs 62.85
catching traders by surprise.
"There is a lot of debt on the company and the list is too long
The creditors, lenders, Leasors, employees, the fleet also comprise of planes that are on rent
So we don't think there can be some big turnaround
We have seen this kind of volume before and the jump
That turned out to be a trap
The National Company Law Tribunal presided over by judges VP Singh and Ravikumar Duraisamy also approved an insolvency resolution
professional (IRP) to oversee the insolvency proceedings
The insolvency resolution professional would immediately take control of all the assets of Jet and would have to submit a progress report
The first of the reports will be presented to the court on July 5, he said
The NCLT also rejected the intervention application filed by a trustee appointed by a court at the Netherlands, decreeing it had no
jurisdiction on a company registered in India, as there were no cross-border insolvency laws prevalent
The stock is due to be excluded from the F-O segment with effect from June 28 and will also be transferred to the trade-for-trade segment
from that day-which would mean compulsory delivery of shares
