MUMBAI: Jet AirwaysNSE -12.56 % is now slapped with a threat of the bankruptcy law.
Last week, one of the service providers to the recently-grounded airline shot a notice under the Insolvency and Bankruptcy Code of 2016 – warning Jet that ‘corporate insolvency resolution process’ would be initiated if the airline fails to pay up dues within 10 days.
The development could put further pressure on banks which are trying to find a strategic buyer and financial investors for the troubled airline.
