Reportedly the National Company Law Tribunal on Thursday admitted lenders move for bankruptcy proceedings for Jet Airways. Meanwhile a consortium of 26 bankers led by State Bank had taken the grounded Jet Airways to the NCLT to recover their dues of over Rs 8,500 crore. Furthermore the announcement came hours after stocks of the grounded airlines surged a whopping 146% today in intra-day trading, leading to the Bombay Stock Exchange seeking clarification from the company.
Apparently Jet Airways, started over 25 years ago by airline-ticketing agent turned-entrepreneur Naresh Goyal, stopped flying on April 17 after it ran out of cash and the unpaid lessors took away most of its 100-odd operational airplanes. Furthermore the lenders have been trying to sell the airline as a going concern since the past five months but failed due to many a reason.
Reportedly the airline has been having negative net worth for long and has run a loss of over Rs 13,000 crore in the past few years. Hence it has over Rs 36,500 crore of dues and being a services company negligible assets to recover and also, most of its domestic airport slots have been given away to other airlines by the government and so are some of its slots at some key international airports.
