Lenders have determined to refer Jet Airways for chapter proceedings after failing to get buyers for the grounded airline.
“After due deliberations, lenders have determined to hunt decision below IBC since solely a conditional bid was acquired,” mentioned the lenders led by the State Financial institution of India, referring to Insolvency and Chapter Code.
The airline halted operations on April 17 after its lenders refused to offer additional funds to maintain it afloat. As soon as India’s largest non-public provider, it had greater than 16,000 workers and flights to dozens of worldwide locations.
Jet’s collapse has left hundreds with out jobs and pushed up air fares throughout the nation.
Jet Airways owes greater than Rs eight,000 crore to a consortium of banks led by the State Financial institution of India, which now run the airline, whereas it has a a lot bigger debt pile by means of accrued losses to the tune of Rs 13,000 crore and vendor dues of over Rs 10,000 crore and wage dues of over Rs three,000 crore, reported information company PTI.