SBI files insolvency plea against Jet Airways; hearing on June 19

State Bank of India (SBI), the lead banker to Jet Airways, on Tuesday filed insolvency plea against the crisis-hit airline under section 7 of Insolvency and Bankruptcy Code (IBC) at the National Company Law Tribunal (NCLT), Mumbai.

The tribunal will be hearing the plea on June 19. Unable to find a taker after months of negotiations, the consortium of lenders led by SBI finally decided on Monday to take the grounded airline to the bankruptcy court for resolution. Jet Airways is sitting on a debt pile of Rs 8,500 crore.