Jet Airways Crisis: Mumbai Court to Hear Insolvency Petitions Against Airline

The fate of Jet Airways is hanging in the balance and much rests on how today pans out. On one hand, reports suggest that the grounded carrier's lenders are expected to respond to the bailout conditions set by its strategic partner Etihad and the Hinduja Group this week, perhaps as early as Monday, and on the other hand Jet Airways is at risk of landing at bankruptcy court, Business Today reported. Two of the airline's operational creditors, Shaman Wheels and Gaggar Enterprises, have approached the National Company Law Tribunal (NCLT) for the recovery of their dues. The matter will be heard today. If the Mumbai bench presided over by VP Singh and Ravikumar Duraisamy admits the petitions, the efforts of Jet Airways' lenders to stitch up a revival deal with investors will take a big hit. Read more