Jet sinks deep, resolution faces many challenges
Grounded Jet AirwaysNSE -4.93 % faces multiple challenges even as lenders act on partner Etihad Airways’ suggestion to find a majority buyer for the airline.
Among the major issues are conversion of lenders’ debt into equity in absence of required direction from banking regulator RBI & clarity over substantial ownership and management control.
“The issue is, by the time all this will happen, it will be too late. The entire leadership team has already gone. The airline board has remained with very basic numbers..there are only three members left,” said a person close to the promoter group
