Last Updated : Jul 16 2019 6:09AM     Screen Reader Access
News Highlights
Lok Sabha passes NIA (Amendment) Bill 2019            HD Kumaraswamy govt in Karnataka to face confidence motion on Thursday            FM Nirmala Sitharaman calls upon youth to take advantage of govt schemes            Flood situation in Assam remains critical along with other North Eastern states            China GDP growth slows to 6.2 pc, weakest in 27 years           

National News

Jun 17, 2019
9:01PM

SBI-led consortium of lenders decides to take Jet Airways to NCLT

File pic
State Bank of India-led consortium of lenders today 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 SBI in a statement issued in Mumbai said after due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received. The statement said the move was necessitated as the prospective investor wants some Sebi exemption deal which can be worked out better under the IBC. 

On June 10, two operational creditors--Shaman Wheels and Gaggar Enterprises-- had moved the NCLT seeking bankruptcy proceedings and on June 13 the tribunal 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.

   Related News

Live Twitter Feed

Listen News

Morning News 15 (Jul) Midday News 15 (Jul) News at Nine 15 (Jul) Hourly 16 (Jul) (0605hrs)
समाचार प्रभात 15 (Jul) दोपहर समाचार 15 (Jul) समाचार संध्या 15 (Jul) प्रति घंटा समाचार 16 (Jul) (0600hrs)
Khabarnama (Mor) 15 (Jul) Khabrein(Day) 15 (Jul) Khabrein(Eve) 15 (Jul)
Aaj Savere 15 (Jul) Parikrama 15 (Jul) Lok Ruchi Samachar 14 (Jul)

Listen Programs

Market Mantra 15 (Jul) Samayki 15 (Jul) Sports Scan 15 (Jul) Spotlight/News Analysis 15 (Jul) Samachar Darshan 14 (Jul) Radio Newsreel 15 (Jul)
    Public Speak

    Country wide 11 (Jul) Surkhiyon Mein 11 (Jul) Charcha Ka Vishai Ha 10 (Jul) Vaad-Samvaad 9 (Jul) Money Talk 9 (Jul) Current Affairs 12 (Jul)