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Lenders discussing ways to revive Jet Airways; fund infusion likely soon: Officials

Press Trust of India  |  New Delhi 

Lenders to are discussing ways to revive the and fresh funds are likely to be infused shortly, officials said on Tuesday.

Amid acute financial crunch crippling its operations, management is awaiting clarity on receiving fresh funds after which a decision would be taken on continuing operations.

"Discussions for reviving the are underway and nothing has been finalised as of now," told reporters here.

Representatives of various lenders to are also understood to have discussed issues related to Jet Airways with

Jet Airways has a debt burden of more than Rs 8,000 crore.

has the mandate for Jet Airways sale on behalf of the SBI-led consortium of the domestic lenders to the debt-ridden private carrier.

A senior government said that funding for Jet Airways from lenders is likely to come through.

The board of the full service carrier, which is currently operating less than 10 aircraft, is meeting in on Tuesday.

On Monday, lenders did not take a final decision on providing emergency funds to the

Another government said that approaching the (NCLT) for Jet Airways is not an option at this stage.

"Right now, the lenders are trying to resolve the issue by seeking bidders for investment. This is not the time for lenders to approach NCLT for resolution," the said.

Creditors can take a defaulting company to the NCLT for seeking approval for resolution under the Insolvency and Bankruptcy Code (IBC).

Earlier in the day, sources said Jet Airways founder has decided not to bid for acquiring stake in the cash-strapped

Pursuant to a debt resolution plan approved by the airline's board last month, SBI Capital Markets, on April 8, invited Expression of Interest (EoI) from potential investors to buy out 75 per cent stake in the

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 16 2019. 16:30 IST
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