After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received.
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Independent directors were supposed to safeguard the interest of all stakeholders.
The April 2 Supreme Court order quashing the February 12, 2018 RBI circular (which ended all debt recast plans even on a one-day default) put paid to the resolution plan as banks were left with no leeway to restructure the loan and pay the promised Rs 1,500 crore interim funds.
The interim funding has not been forthcoming thus far, and as a result Jet has extended cancellation of international operations until April 18.
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"The central government had rescued other businesses by re-structuring debts to the tune of Rs 30,000-40,000 crore. Compared to this, the amount (debt) of Jet Airways was much smaller. Moreover there was a resolution (accepted) by the lenders to save jobs and to save the airline," Sharma said.
Etihad has purchased 24 per cent stake in Jet Airways in a deal worth about Rs 2,060 crore deal which was announced in April 2013.
The 30-share Sensex stayed in the green for the better part of the session and hit the day's high of 38,297.70 as buying pace gathered momentum towards the fag-end.
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'That the commandments to officialdom were issued by a BJP functionary and not a minister is a reflection of the Yogi government's work style.'
'GST will bring in much needed transparency and higher investments in the coming years and we hope that a few percentage points to India's GDP.'
Babajob.com is trying to help unorganised blue-collar workers get better employment.
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