Release funds for interim finance, NCLT tells Jet Airways’ lenders

MUMBAI: The bankruptcy court has directed Jet AirwaysNSE 4.89 %’ lenders to release funds as per an earlier direction to meet the grounded airline’s interim financial requirements, warning that they could otherwise be held for contempt of court.

The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday instructed banks to release the funds to complete the corporate insolvency resolution process, saying that lapse by the committee of creditors (CoC) on this could deplete the value of the airline.