Lenders to Jet Airways are gearing up to liquidate the airline as they are losing all hope of finding a new owner for it given the massive stress in the global aviation sector due to the travel restrictions imposed across the globe following the Covid-19 epidemic.
While the lenders had taken 90 more days to find a buyer under the NCLT-led insolvency process before the epidemic broke out, banking sources said it would now be impossible to get a bider at a time when the aviation sector’s outlook is gloomy.
“It (Jet) may head for liquidation. Even those who have evinced interest are likely to back out due to the adverse impact of the Covid-19 pandemic on the global aviation industry. Existing airlines themselves are finding it difficult to survive.
