NCLT admits lenders’ move for bankruptcy proceedings against Jet Airways

Bengaluru: Country’s bankruptcy court, National Company Law Tribunal (NCLT), on Thursday decided to admit an insolvency petition against Jet Airways Ltd filed by its creditors in an attempt to salvage some of their ownership.

The insolvency process will allow lenders led by State Bank of India to sell the company as a whole or sell its assets and bring to an end weeks of uncertainty over the airline’s future.

NCLT instructed Interim Resolution Professional (IRP) to finish insolvency process for the airline in three months since matter is of national importannce.