Mumbai: State-run Punjab National Bank (PNB) on Wednesday said any decision to provide emergency funds to cash-strapped Jet Airways will be taken collectively by the lenders and not on a standalone basis. The assertion comes in the backdrop of media reports that PNB had approved Rs 2,050 crore of emergency funding to Jet Airways, for which lenders are considering a resolution plan under Project Sashakt.
In a filing to exchanges, Jet Airways had earlier clarified it has not received any fresh loan from PNB. “No, we are going (on decision to lend further to Jet Airways) collectively. The resolution will come with the participation of the stakeholders and we are working on it,” the bank’s managing director and CEO, Sunil Mehta, told reporters when asked whether the lender was considering fresh funds to the loss-making Carrier on a standalone basis. Mehta was speaking at the sidelines of the Ficci-IBA event here Thursday.
