Jet Airways, which temporarily suspended operations on Wednesday, could be taken through the bankruptcy process if none of the bids to save the airline turn out to be feasible, Business Standard has learnt.
The bids received for Jet Airways will be opened on May 10. If none of them are accepted by the lenders then the airline will be taken to National Company Law Tribunal, as per the process prescribed under the Insolvency and Bankruptcy Code. That could mean certain liquidation.
"The NCLT option is back on the table. If none of the bids are accepted, the airline will face bankruptcy proceedings. The bids are the last chance to save the airline," said an official.
Shares of Jet Airways sank 34 per cent on Thursday, with investors skeptical about a revival. The airline needed an emergency funding of Rs 983 crore to survive, which lenders including State Bank of India did not provide.