MUMBAI: State Bank of India-led consortium of lenders on Monday made up our minds to send the grounded Jet Airways to the National Company Law of Tribunal (NCLT) as they've no longer yet won any concrete proposal for the airline.
The decision was once 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 commentary.
The commentary additional said the transfer was once necessitated as the potential investor desires some Sebi exemption deal which can be labored out better under the IBC.
The bank said lenders were taking efforts to find a solution for the grounded provider outside IBC however now have made up our minds to hunt a solution throughout the IBC.
It can be noted that on June 10, two operational creditors--Shaman Wheels and Gaggar Enterprises-- had moved the NCLT in search of chapter court cases towards the airline and on June 13 the tribunal, which is yet to admit the petitions put off the subject for additional listening to to June 20.
The tribunal asked those events to serve legal notices to the grounded Jet Airways.
The airline, which was once 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 through the State Bank of India, which now runs the airline, whilst it has a much higher debt pile by the use of amassed losses to the music of Rs 13,000 crore and dealer dues of over Rs 10,000 crore and salary dues of over Rs three,000 crore.
The decision was once 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 commentary.
The commentary additional said the transfer was once necessitated as the potential investor desires some Sebi exemption deal which can be labored out better under the IBC.
The bank said lenders were taking efforts to find a solution for the grounded provider outside IBC however now have made up our minds to hunt a solution throughout the IBC.
It can be noted that on June 10, two operational creditors--Shaman Wheels and Gaggar Enterprises-- had moved the NCLT in search of chapter court cases towards the airline and on June 13 the tribunal, which is yet to admit the petitions put off the subject for additional listening to to June 20.
The tribunal asked those events to serve legal notices to the grounded Jet Airways.
The airline, which was once 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 through the State Bank of India, which now runs the airline, whilst it has a much higher debt pile by the use of amassed losses to the music of Rs 13,000 crore and dealer dues of over Rs 10,000 crore and salary dues of over Rs three,000 crore.
Banks give up on Jet, choose to send it to NCLT
![Banks give up on Jet, choose to send it to NCLT]()
Reviewed by Kailash
on
June 17, 2019
Rating:
