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NCLT admits SBI’s insolvency plea against Jet Airways

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New Delhi, June 20: The National Company Appellate Tribunal today admitted SBI's insolvency plea against Jet Airways.

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On June 18, SBI filed insolvency petition in Mumbai bench of National Company Law Tribunal in Mumbai against cash-strapped Jet Airways on behalf of the consortium of lenders and proposed Ashish Chhawchharia of Grant Thornton as Resolution Professional.

The decision of the lenders to seek bankruptcy process through the NCLT comes exactly two months after the airline stopped flying on April 17, after being on the fringe since last July.

Jet Airways owes over Rs 8,000 crore to a consortium of 26 banks led by the State Bank, 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.

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