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NCLT admits Jet Airways insolvency petition by SBI; 3 months time for resolution

The NCLT has admitted the insolvency petition filed by lender SBI against Jet Airways and appoints Ashish Chhauchharia of Grant Thornton as the resolution professional for the airlines. They have asked to finish the resolution process in 3 months time. SBI, in its plea, claimed Rs 967 crore and said it gave Rs 505 crore in working capital loans and the overdraft facility of Rs 462 crore to the company.