Jet Airways not to be dragged to NCLT; lenders seek resolution by seeking bids

The lenders would not drag debt-ridden Jet Airways to National Company Law Tribunal (NCLT) and resolve the issue by seeking investment bids, news agencies reported citing an unidentified aviation official. It’s not the right time for the lenders to the ailing airline to approach insolvency tribunal to find a solution, the report added.

Creditors can take the defaulting company to the NCLT for seeking approval for resolution under the Insolvency and Bankruptcy Code (IBC).