In a major setback to the lenders' revival/sale plan of the grounded Jet Airways, two operational creditors--Shaman Wheels and Gaggar Enterprises-- Monday moved the NCLT seeking bankruptcy proceedings against the airline.
The development comes at a time when banks are looking to resolve the once premier airline's debt issues outside the insolvency process.
Jet Airways owes more than Rs 8,000 crore to a consortium of banks led by the State Bank of India, which now run the airline, while it has a much larger debt pile by way of accumulated losses to the tune of Rs 13,000 crore and vendor dues of over Rs 10,000 crore and salary dues of over Rs 3,000 crore.
Bankers, after taking over the airline late March had invited bids on April 8 to sell up to 75 percent stake in the crippled carrier that formally stopped operations on April 17.
Though it had received initial bids from parites- Ethihad Airways, two private equity players TPG Capital and Indigo Partners, and the sovereign wealth fund NIIF, none of them chose to submit the final bids.
The Jet Airways counter closed flat at Rs 125.20 on the BSE, down 0.36 percent on a day when the benchmark gained 0.43 percent.