NCLT to hear case against Jet Airways filed by SBI tomorrow

A consortium of 26 bankers led by the SBI took the cash-strapped airline to the NCLT to recover their dues of over Rs 8,500 crore.

NCLT to hear case against Jet Airways filed by SBI tomorrow

New Delhi: The National Company Law Tribunal (NCLT) will hear case against Jet Airways filed by State Bank of India-led consortium of lenders on Thursday.

The tribunal will hear the matter at 11.30 am tomorrow.

NCLT will be also hearing the case of 2 operational creditors filed by Shaman Wheels and Gaggar Enterprises. From one creditors side it was mentioned that a case is going on in Netherlands court against Jet Airways.

A consortium of 26 bankers led by the SBI took the cash-strapped airline to the NCLT to recover their dues of over Rs 8,500 crore.

Apart from banks, the airline also owes over Rs 10,000 crore to its hundreds of vendors, primarily aircraft lessors and over Rs 3,000 crore to around 23,000 employees who have not been paid since March.

The airline has been having negative networth for long and has run a loss of over Rs 13,000 crore in the past few year. Thus it has over Rs 36,500 crore of dues and being a services company negligible assets to recover.

The debt-ridden airline had suspended its entire operations on April 17. Subsequently, the government re-allocated its slots and foreign traffic rights to rival carriers.

(With Inputs from Brajesh Kumar)