Jet Airways lenders finally decide to take airline to NCLT

It is finally curtains on attempts by lenders to revive the grounded Jet Airways by finding a buyer for it. On Monday, the State Bank of India-led consortium of lenders decided to send the carrier to the National Company Law Tribunal (NCLT) after failing to receive any concrete proposal from prospective buyers more than two months after the process started.

The decision was taken after a meeting of the lenders. “After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received,” SBI said in a statement. The statement further said the move was necessitated as the prospective investor wants some Sebi exemption, which can be worked out better under the IBC.

The bank said lenders have been making efforts to find a resolution for the grounded carrier outside IBC but now have decided to seek a resolution within the IBC. Thus banks join two operational creditors Read More

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