State Bank of India (SBI) focused on the Mumbai bench of National Company Law Tribunal on Tuesday against Jet Airways, and its petition may be heard on Wednesday.
The rest of the banks, with exposure to Jet Airways’ debt of over Rs 8,000 crore, are also expected to join the petition.
Confirming the development, a senior executive said, “We are hopeful of a resolution under the Insolvency and Bankruptcy Code, rather than liquidation.”
He added that Etihad Airways, which had put in a conditional bid, wanted a waiver of an open offer, which was not possible due to SEBI norms. “This may be possible under IBC. Now that there is clarity in the process, we may see renewed investor interest.”
An Abu Dhabi based airline has also responded saying, “Etihad Airways has worked consistently to find a solution which would enable Jet Airways to be reactivated as a viable entity. We will continue to constructively evaluate participation in potential solutions.”
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