Banks give up on Jet Airways revival, take it to NCLT
Mumbai: Lenders to Jet Airways (India) Ltd on Monday decided to start bankruptcy proceedings against the grounded airline, all but ending hopes of a recovery.
The consortium of lenders, led by the State Bank of India (SBI), chose to refer Jet Airways to the National Company Law Tribunal (NCLT), the state-run bank said in a statement.
“A meeting of lenders was held today to consider the way forward in respect of Jet Airways. After due deliberations, lenders have decided to seek resolution under IBC (Insolvency and Bankruptcy Code, 2016) since only a conditional bid was received and requirement of the investor for Sebi exemptions and resolution of all creditors is possible under IBC,” the statement said.
