NEW DELHI: The Rs 1,500-crore emergency funding Jet Airways was supposed to get is now down to Rs 200 crore in the best case scenario as lenders led by SBI await RBI’s fresh norms for debt restructuring after Supreme Court last week struck down the central bank’s controversial February 12 circular.
Bankers said the funding will enable Jet to part pay dues to agencies such as airports, oil companies and statutory charges. “This money is meant for crisis management while the bidding process starts,” a senior banker told TOI.
Airline sources, however, said that the private carrier is now on the razor’s edge as a small funding is unlikely to help the airline live long enough to wait for the bigger infusion that is required. “They (lenders) are putting in very small amounts only in dire situations like two small banks (not SBI) giving Rs 33 crore to Jet last Friday when Indian Oil cut off fuel supply.
