SBI weighs tribunal route for Jet Airways

To recover its loans from Jet Airways, state-run lender SBI is considering moving the National Company Law Tribunal (NCLT) as it feels the airline is running out of funds for operations even as shareholders of the debt-laden carrier have approved a debt rejig plan, officials said.

Shareholders of Jet Airways have approved the conversion of loan into shares and other proposals during the extraordinary general meeting (EGM) on Thursday.

A consortium of banks, led by the SBI, has extended loans to Jet Airways, which is looking to rejig debt and raise funds.