MUMBAI: Lenders do not see much of an upside for them from any of the proposals for reviving Jet Airways. Most of the proposals involve banks taking a haircut and are subject to their getting another investor. In the absence of Naresh Goyal, there isn’t any promoter for the lenders to chase.
While lead lender State Bank of India and government officials have continued to sound hopeful about a revival of the airline, others in the consortium are less optimistic. “As things stand, there is not much by way of assets other than the brand. No one is willing to take on any of the airline’s liabilities for the brand,” said an official with a bank, which is part of the consortium.
The absence of a resolution plan would most likely push Jet Airways into the bankruptcy process. The National Company Law Tribunal will be hearing on June 20 a bankruptcy plea application against Jet Airways by operational creditors Shaman Wheels and Gaggar Enterprises. The dues of the operational creditors are small — Shaman is owed a little over Rs 6 crore, while Gaggar Enterprises has claims of less than Rs 1 crore.
