Multiple investigations and parallel bankruptcy filings by operational creditors will cast a shadow over the insolvency proceedings of Jet Airways (India) Ltd that its lenders have decided to initiate, experts said.
A consortium of lenders led by the State Bank of India (SBI) on Monday decided to approach the National Company Law Tribunal (NCLT) after efforts to recover dues and revive the airline outside the Insolvency and Bankruptcy Code (IBC) failed.
This has added to the woes of the beleaguered airline. The income tax department is investigating Jet Airways for alleged tax evasion of 650 crore, while the ministry of corporate affairs (MCA) is probing alleged fraud at the airline, and the enforcement directorate is investigating Gul…
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