On the BSE, the private airline's stock rallied 96 per cent to Rs 76.80 from its intra-day low of Rs 39.10.
At 11:55 am, Jet Airways
was trading 9 per cent higher at Rs 69, as compared to a 0.44 per cent decline in the Nifty50 index. A combined 56.86 million shares, representing 50 per cent of total equity of the company, had changed hands on the NSE
State Bank of India-led lenders' consortium moved the National Company Law Tribunal (NCLT) Mumbai for insolvency of Jet Airways.
The tribunal has sought the progress report in the next three months instead of 180 days. Resolution professional has also been directed to submit report every 15 days, starting July 5.
The tribunal also declared a moratorium on recovery of dues from Jet, the country’s first aviation firm to be admitted for bankruptcy. Jet had over 120 planes, of which only about a dozen are left with the airline. The rest of the planes had their leases terminated and many of them have been inducted by other airlines in India or abroad. CLICK HERE TO READ FULL REPORT