Jet lands in NCLT: It will be easier to find a solution, says SBI chairman

"It's not easy to deal with 900 creditors outside insolvency proceedings"

Rajnish Kumar, chairman, State Bank of India, which has the highest exposure to Jet Airways, speaks to Arindam Majumder on why the sale process did not work out. Edited excerpts:

Why did the lenders delay moving the National Company Law Tribunal (NCLT)? 

There has been a concerted effort for a resolution outside the NCLT because, unlike manufacturing industries, in the service sector there is little value left when a company is moved for insolvency proceedings. The recovery process would also have been faster. The first sign of stress was visible in November last year. The first default happened in January