Banks give up on Jet Airways revival,choose to send it to NCLT
Team Udayavani, Jun 17, 2019, 7:29 PM IST
Mumbai: State Bank of India-led consortium of lenders on Monday decided to send the grounded Jet Airways to the National Company Law of Tribunal (NCLT) as they have not yet received any concrete proposal for the airline.
The decision was taken after a meeting of the lenders.
The statement further said the move was necessitated as the prospective investor wants some Sebi exemption deal the deal 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.
It can be noted that on June 10, two operational creditors-Shaman Wheels and Gaggar Enterprises, had moved the NCLT seeking bankruptcy proceedings against the airline and on June 13 the tribunal, which is yet to admit the petitions put off the matter for further hearing to June 20.
The tribunal asked these parties to serve legal notices to the grounded Jet Airways.
The airline, which was grounded on April 17, owes Rs 8.74 crore to Shaman Wheels and Rs 53 lakh to Gaggar.
Jet Airways owes more than Rs 8,000 crore to a consortium of banks led by the State Bank of India, which now run the airline, while it has a much larger debt pile by way of accumulated losses to the tune of Rs 13,000 crore and vendor dues of over Rs 10,000 crore and salary dues of over Rs 3,000 crore.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
Four-day market rally makes investors richer by Rs 8.48 lakh crore
Kotak Bank barred from onboarding customers online, issuing fresh credit cards
MUST WATCH
Latest Additions
Low voter turnout in Karnataka: Only 38.23% cast votes in 14 LS segments during first half of the day
Karnataka Polls: No Modi wave but anti-BJP wave, says CM Siddaramaiah
Cal HC directs NIA to file report on clashes in Murshidabad over Ram Navami celebrations
Bengaluru goes to poll amid heat wave-like situation
Karnataka officials don vibrant sarees to promote voter participation