New Delhi, June 18 -- : Insolvency proceedings against Jet Airways are likely to begin this week as a consortium of lenders led by the State Bank of India (SBI) failed to find a buyer for the beleaguered airline.
The National Company Law Tribunal (NCLT) could hear insolvency petitions filed by the airline's operational creditors for recovery of dues on June 20, reports said.
On Monday, the consortium of lenders decided to begin insolvency proceedings against Jet Airways as the SBI had received only a conditional bid, subject to lenders arranging for regulatory exemption on an open offer.
Further, Etihad expected the banks to write off most of its loans to Jet. As the grounded airline's assets are inadequate, lenders are worried about a s...