Jet Airways insolvency: IDBI Bank and IOB say cant fund the process further

The insolvency proceedings of grounded Jet Airways have hit yet another snag after two of its lenders, IDBI Bank and Indian Overseas Bank, on Wednesday sought an exemption from releasing funds as they are under the central bank’s prompt corrective action (PCA) framework.

The two banks’ plea coincided with NCLT’s warning to Jet CoC of contempt proceedings if they do not release interim funds to the resolution professional by January 20 for completion of insolvency proceedings.