Banks to take control of Jet Airways cockpit; lenders to infuse Rs 1,200 cr

Naresh Goyal, nominees to step down; lenders to infuse Rs 1,200 cr emergency funds

Lenders of Jet Airways are likely to take management control of the airline by superseding the current board, it is learnt.  A consortium of lenders, led by State Bank of India (SBI), would operate the airline managed by a professional board, a source in the know said. The move follows Etihad’s refusal to infuse additional funds in Jet under the current terms of the bank-led resolution plan. The lenders will sell their stake in Jet at an appropriate time.

According to the revised plan, promoter Naresh Goyal, his wife Anita Goyal and the directors nominated by the promoter would be