With fresh doubts arising over debt-to-equity conversion plan, Jet board reviews operations
The Jet Airways board met late Wednesday evening to review an update on its operations and consider the resolution plan that has been drawn up for the airline.
The meeting came a day after the Supreme Court on Tuesday set aside the Reserve Bank of India’s circular on a revised framework for the resolution of stressed assets.
On February 14, the Jet Airways board agreed to a plan wherein the lenders, led by State Bank of India, would take over the airline’s debt and convert it into 11.4 crore shares for just ₹1. But the Supreme Court’s latest judgment could stall the plan.
