Supreme Court Urges Timely Resolution of Airline Insolvency Amidst NCLAT Delays and Mounting Costs for Lenders.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Approval of Resolution Plan - conditions precedent pending before the NCLAT - adjustment of a Performance Bank Guarantee (PBG) - SBI has stated that the lenders have been saddled with huge recurring expenditure every month to maintain the remaining airline assets of the Corporate Debtor. The lenders have been embroiled in litigation before the NCLT and NCLAT with little progress on this ground towards implementing the resolution plan. Such a state of affairs cannot be permitted to continue interminably as it defeats the very object and purpose of the provisions of and timelines under the IBC - SC....