SBI-led consortium to take Jet Airways to NCLT, seek resolution under IBC

Lenders led by State Bank of India have decided to take the grounded Jet AirwaysNSE -9.94 % to bankruptcy courts after failing to stitch together a revival plan despite working on it for over five months.

The petition by the lenders could be filed in the Mumbai NCLT as early as Tuesday.

“Lenders have decided to seek resolution under IBC since only a conditional bid was received and requirement of the Investor for SEBI exemptions and resolution of all creditors is possible under IBC. Lenders led by State Bank of India have been taking efforts to find a resolution for Jet Airways outside IBC but in view of the above,