Fresh plan for Jet Airways rescue on cards; SBI to call meeting of lenders

Under the new guidelines, there is no strict fiat from the RBI to go to the NCLT

State Bank of India (SBI) will soon convene a meeting of all lenders to the grounded Jet to work on a fresh resolution plan based on the new Reserve Bank of India guideline for stressed assets released on June 7.

The lenders had earlier prepared a resolution plan, which envisaged fresh infusion of cash and a new partner, for the revival of the airline based on RBI’s February 12 circular. The plan provided a 180-day window after which the case had to be referred to the National Company Law Tribunal (NCLT). But the circular was set aside by the Supreme Court,