Jet Airways crisis: Banks give up on revival; SBI-led lender’s consortium chooses to send it to NCLT

State Bank of India-led consortium of lenders Monday decided to send the grounded Jet Airways to the National Company Law of Tribunal (NCLT) as they have not yet received any concrete proposal for the airline. The decision was taken after a meeting of the lenders. “After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received,” SBI said in a statement.

The statement further said the move was necessitated as the prospective investor wants some Sebi exemption deal the deal which can be worked out better under the IBC.The bank said lenders have been taking efforts to find a resolution for the grounded carrier outside IBC but now have decided to seek a resolution within the IBC.