Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

SBI Says No Decision Made on Taking Jet Airways to Insolvency Tribunal

The statement from SBI comes days after Jet, following months of crisis-talks to plug a 85 billion rupee funding hole, agreed on a draft plan to sell a majority stake to a consortium led by the SBI at 1 rupee.

Reuters

Updated:February 25, 2019, 2:20 PM IST
facebookTwitterskypewhatsapp
SBI Says No Decision Made on Taking Jet Airways to Insolvency Tribunal
File photo of Jet Airways.
Loading...

Jet Airways Ltd's largest lender, State Bank of India (SBI), said media reports that it was weighing taking the debt-laden carrier to an insolvency tribunal to recoup loans were "speculative", and that no such decision had been taken.

The statement from SBI comes days after Jet, following months of crisis-talks to plug a 85 billion rupee ($1.2 billion) funding hole, agreed a draft plan to sell a majority stake to a consortium led by the SBI at 1 rupee.

Indian media reports said on Monday SBI was mulling moving the National Company Law Tribunal (NCLT) to recover its loans from Jet as it felt the airline was running out of funds for operations.

Lenders can initiate proceedings under the Insolvency and Bankruptcy Code (IBC) to recover dues from debt-laden entities. The process can commence only after approval from the NCLT.

Jet said late on Friday that its shareholders approved the plan to convert existing debt to equity, paving the way for the airline's lenders to infuse funds and nominate directors to its board.

Saddled with a billion dollars in debt, Jet has defaulted on loans and has not paid pilots, leasing firms and suppliers for months.

Jet Airways' pilots, who are yet to receive a part of their November salary, have warned of 'non-cooperation' from March 1, should the outcome of discussions for further payout be unsatisfactory, Jet's pilot union, National Aviator's Guild, said.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 65.40 -8.15
Maruti Suzuki 6,228.90 0.61
Indiabulls Hsg 483.55 -7.26
Tata Motors 112.40 -9.25
SBI 277.40 -2.22
Company Price Change %Gain
Maruti Suzuki 6,222.95 0.39
Yes Bank 65.40 -8.21
Indiabulls Hsg 482.85 -7.40
Abbott India 9,016.25 0.21
Tata Motors 112.30 -9.29
Top Gainers
Company Price Change %Gain
Hero Motocorp 2,714.25 1.69
Infosys 799.45 0.85
Bajaj Auto 2,764.80 0.80
Eicher Motors 16,000.50 0.66
Maruti Suzuki 6,228.90 0.61
Company Price Change %Gain
Hero Motocorp 2,714.20 1.68
Infosys 799.55 0.84
Bajaj Auto 2,764.00 0.77
HUL 1,849.90 0.48
Maruti Suzuki 6,222.95 0.39
Top Losers
Company Price Change %Gain
Tata Motors 112.40 -9.25
Yes Bank 65.40 -8.15
Indiabulls Hsg 483.55 -7.26
Tata Steel 343.00 -4.26
BPCL 327.80 -4.22
Company Price Change %Gain
Tata Motors 112.30 -9.29
Yes Bank 65.40 -8.21
Tata Steel 343.05 -4.26
Coal India 188.75 -3.33
ONGC 121.15 -3.12

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results