Jet Airways to face insolvency action

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Two of Jet Airways' creditors have started court proceedings that could bankrupt the carrier potentially jeopardising the planned sale of the grounded carrier.

The Mumbai bench of the National Company Law Tribunal has fixed a 13 June date to hear pleadings from truck dealer Shaman Wheels and water bottler Gaggar Enterprises to declare the airline insolvent.

FlightGlobal reached out to Jet Airways for comment but had not received a response at the time of publishing.

If the motion moves ahead, it will likely scupper plans by the carrier's banking consortium to sell a controlling stake to a strategic investor. State Bank of India is the bank leading the consortium, and its SBI Capital Markets unit is handling the sale.

Etihad Airways and Indian conglomerate Hinduja Group have both indicated that they could invest in the carrier, but there has been little sign of any progress towards a sale.

Hinduja Group was not immediately available for comment.

Jet Airways suspended operations on 17 April after failing to secure emergency funding from its banks. Since then, around 100 of its 120 aircraft have been repossessed by banks and lessors, while a number of senior staff, including chief executive Vinay Dube, have resigned.

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