No decision taken on moving NCLT against Jet Airways, says State Bank

State Bank of India (SBI) on Monday termed as “totally speculative” reports that it has taken a decision to refer Jet Airways to the National Company Law Tribunal (NCLT) to recover debt.

In fact, SBI, as the lead bank of a consortium of banks, is understood to be looking at sanctioning a Rs. 500-crore working capital loan to the debt-laden carrier.

“No such decision (to approach the NCLT) has been taken,” SBI said in a statement, adding that the media reports were “speculative”.

Jet Airways and Abu Dhabi-based Etihad Airways, in a joint statement, emphasised that Jet’s principal shareholders, including Etihad, and key financial stakeholders are working towards the finalisation and subsequent implementation of a Bank-led Provisional Resolution Plan (BLPRP).