Jet Airways lenders to commence insolvency proceedings

    State Bank of India (SBI) reported the SBI led consortium of lenders to Jet Airways “have decided to seek resolution under the Insolvency and Bankruptcy Code (IBC) as only a conditional bid was received” on a tender for the purchase of an up to 70% stake in the airline (The Hindu BusinessLine/Times of India/Live Mint/CNBC-TV18/Deccan Herald/The Hans India, 17/18-Jun-2019). The SBI noted the consortium has “been taking efforts to find a resolution for Jet Airways outside IBC but in view of the above, lenders have decided to seek a resolution within the IBC process”.