Jet Airways hopes to fly again in debt are now expected to end. In fact, the group of banks led by State Bank of India (SBI) held a meeting on the future of Jet Airways. In this meeting, the airline has abandoned the effort to re-create its own. The group of banks has decided to send the case to the National Company Law Tribunal (NCLT) for action under the bankruptcy code of debt settled in Jet Airways.
Reason behind this-
In fact, no efforts have been received from any unit to revive Jet Airways so far in the efforts of the banks. Although the Etihad-Hinduja alliance has shown interest in the airline but no substantial proposal has been received from her. For this reason, the decision to send the airline case to NCLT in the meeting of the banks on Monday was decided. After the meeting, SBI said in the statement, "After deep consultation, the lenders have decided that the settlement of Jet Airways case under bankruptcy code should be settled. This step is necessary because the potential investor wants some relaxation of SEBI under the deal. Such a deal can be better and better in the case of insolvency and redemption under the Code of Incompetence”. SBI said that the debtor wanted to settle down the settlement of a sterile aviation company outside the Diwali Code (IBC), but now under the IBC itself, the decision has been taken.
Let the banks know that they have to recover Rs 8,000 crore from the airline. At the same time, Jet Airways operations are closed from April 17. This has not paid the salaries of 23,000 employees of the airline for several months. It has also increased average air fares by 40 per cent. Not only that, the airline's slot government has given to other aviation companies at the domestic airport. Some of its slots on the International Airport are also given to other airlines.