Jet Airways’ Q1 Results Delayed Due To ‘Complexities Of Issues’
Jet Airways has been admitted to India’s bankruptcy courts to recover dues of its financial creditors.
The June quarter results of Jet Airways (India) Ltd. is yet to be finalised as “complexities of issues” is delaying the process, according to an exchange filing on Friday.
In a statement to the stock exchanges, Jet Airways’ resolution professional Ashish Chhawchharia said that before the commencement of the airline’s insolvency resolution process, its top management had resigned.
“Further, access to data was not available until mid-July. Pending book closure process, financial results for the quarter ended June 30, 2019, have not been prepared/ finalised till date...” Chhawchharia said, adding that requirements under the market regulator’s listing norms could not be complied with in the prescribed timelines.
Listed companies have to report their financial results within a specified time frame from the end of a particular quarter.
“... with the complexities of issues being faced by the company along with the paucity of funding, etc., the entire process is taking time. I assure you that all the attempts are being made to regularise issues at the earliest,” said Chhawchharia.
Jet Airways' insolvency case was admitted to the National Company Law Tribunal after its lenders, led by the State Bank of India, failed to find a buyer for the debt-ridden airline. Several suitors stepped in when the bidding deadline was extended to Aug. 10 but later backed out.
On Friday, Jet Airways shares fell 4.96 percent to hit the lower circuit of Rs 40.25 apiece even as the benchmark Sensex gained 0.10 percent to end the day at 37,350.33 points.