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India’s oldest private carrier is headed for the bankruptcy court as nobody wants to buy it

Pramod Mathew
India’s oldest private carrier is headed for the bankruptcy court as nobody wants to buy it

Lenders to India’s oldest private carrier, Jet Airways, have finally decided to refer the carrier for bankruptcy proceedings after their harrowing search to find an investor came to naught. The airline’s lenders, a consortium of banks led by the State Bank of India (SBI) said in a statement yesterday (June 17) that they will soon approach the National Company Law Tribunal (NCLT), India’s insolvency court. The consortium had taken control of the airline, from founder Naresh Goyal, in March hoping to rope in an external investor to revive the airline and recover their dues.