“After due deliberations, lenders have decided to seek resolution under IBC since only a conditional bid was received,” said the lenders, referring to Insolvency and Bankruptcy Code.Lenders to Jet Airways plan to begin insolvency proceedings against the debt-laden carrier, a consortium of the airline’s lenders said in a statement on Monday.
“After due deliberations, lenders have decided to seek resolution under IBC since only a conditional bid was received,” said the lenders, referring to Insolvency and Bankruptcy Code.
Once the country’s biggest private carrier, Jet Airways was forced to stop flying in April after running out of cash. Its collapse has left thousands without jobs and pushed up airfares across the country.
