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First crucial meeting of Jet Airways lenders under IBC on July 16

Updated : July 15, 2019 10:38 AM IST

The State Bank of India-led consortium of lenders were forced to seek a resolution under India’s Insolvency and Bankruptcy Code (IBC) at the Mumbai bench of India’s bankruptcy court in June after only a conditional bid for the airline was received.
NCLT directed lenders to fast-track the process in ‘national interest’, and try to complete the process within 90 days against the standard 180 days.
Jet Airways, once India’s biggest private carrier, stopped flying in April after a severe cash crunch that left thousands of employees without jobs.

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