NEW DELHI: Shares of Jet Airways jumped nearly 9 per cent in morning trade on Monday even as media reports suggested that the insolvency resolution professional has put the grounded airlines resolution process on the fast track.ET reported, citing sources that the insolvency resolution professional appointed by Indias bankruptcy court for Jet Airways has put the grounded airlines resolution process on the fast track.Ashish Chhawchharia, partner at Grant Thornton, took charge as RP and met the airlines management on Saturday to apprise them of the plan ahead, the report added.
The National Company Law Tribunal (NCLT) Thursday admitted an insolvency plea by Jets top lender State Bank of India.
In their order, the judges halved the deadline for the resolution process to 90 days from the usual 180 days, saying this was a matter of national importance.
Jet Airways owes more than Rs 8,000 crore to banks, and thousands of crores more in arrears to vendors, lessors and employees.Jet Shares have been witnessing strong gains since last Thursday when it surged as much as 93 per cent on BSE.
"Fundamentally weak Jet Airways witnessed spine-chilling movements on both directions last week due to demand-supply mismatch, greed and fear, hopes and expectations a clear reflection of emotional responses from investors all at once," said Jimeet Modi, CEO, Samco Securities - StockNote.Around 10:05 am, the stock traded at Rs 76.60, up 5.73 per cent, on BSE.