Jet AirwaysNSE -0.03 % could not be revived on time because the management of the airline took very long to step down from their position which derailed the entire process, a top official of the Punjab National BankNSE 0.69 % told ET.
In a freewheeling interaction with ET, the bank’s MD Sunil Mehta said it wasn’t the fear of vigilance activism that stopped lenders from giving fresh loans to the embattled airline. “The roadmap was not clear. Initially, funds worth Rs 1,500 crore was to be given as per the plan worked out by State Bank of India, of which Rs 750 crore was to come from Etihad, which did not materialise,” he said. “So, when a promoter hesitates and doesn’t contribute, why should lenders take the entire onus on them?”
