Over and out for Jet Airways as lenders start bankruptcy proceedings

State Bank of India and other lenders will refer the airline to NCLT later this week

A lenders’ consortium, led by State Bank of India (SBI), has given up on its rescue effort after finding no buyer for Jet Airways following months of action-packed search. The consortium on Monday decided to take the Naresh Goyal-founded airline to the insolvency court. 

The one-time premier airline, started more than 25 years ago, was grounded on April 17. Although it was termed temporary grounding because of severe cash crunch, Jet, with a debt of more than Rs 8,000 crore, never flew again, leaving more than 15,000 employees stranded and jobless.

The Jet lenders met for a crucial meeting Monday afternoon and