Jet Airways facing bankruptcy at NCLT
According to Economic Times, two of Jet Airways' creditors have taken legal action that would allow the airline to go bankrupt. The insolvency would endanger planned sale of the grounded airline.Bhaskar reported two operational creditors, Shaman Wheels and Gaggar Enterprises have submitted the matter for further hearing on June 13, when the tribunal will decide on admitting or rejecting the bankruptcy plea.
State Bank of India (SBI) have claimed a large chunk of the airline’s total liabilities, including unpaid salaries and vendor dues, of approximately $2 million (Rs 15,000 crore).
Jet Airways was one of the largest airlines in India after Indigo, but today faces a risk of bankruptcy. On March 25, 2019, it appeared to come to a breakthrough in the months-long crisis, when a rescue plan was reached. As per this rescue plan, a consortium of domestic lenders led by State Bank of India became the majority shareholders and have temporarily taken control of the airline.As lender’s debt was converted into equity shares, Etihad Airways’ stake in the airline shrank from 24% to 12%. Together with shareholding changes, Jet Airways board of directors was also shuffled around with three people stepping down from their position at the company.
But the airline still struggled to obtain new funds and suspended operations a month later, on April 17, 2019. Jet Airways flew from Amritsar to Mumbai for the last time on April 18, 2019. Afterwards, its membership in the International Air Transport Association (IATA) was suspended.
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