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State-run lender, State Bank of India (SBI) has denied media reports on approaching the National Company Law Tribunal (NCLT) to recover dues from the Naresh Goyal-led Jet Airways. The bank said that “no such decision has been taken” and the media reports were “speculative.”
The airline has loans of over ₹ 8,400 crore, with SBI being its biggest lender. SBI’s exposure is said to be close to ₹ 2,000 crore. The lenders also have the opportunity to appoint one or more persons as nominee directors or observers on the board of the company.
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SBI weighs NCLT route for recovery of loans from Jet Airways
A consortium of banks, led by the SBI, has extended loans to Jet Airways, which is looking to rejig debt and raise fundsJet is also seeking approval to raise further loans within the overall existing borrowing limit of ₹ 25,000 crore and provide the lenders with the right to convert such loans into shares of the company. Sources indicated that despite the questions raised by the minority shareholders, the proposals may have got the majority shareholder’s approval.
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