Lenders to bail out debt-laden Jet Airways after forensic clean chit

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Lenders to Jet Airways are preparing to pick a substantial stake and restructure the debt of the cash-strapped airline as a forensic audit has not shown any adverse findings, it is learnt. State Bank of India (SBI), which leads the consortium of lenders, had last month appointed consulting firm EY to carry out a forensic audit of the airline's accounts following complaints of fund diversion.

Banks have now initiated steps for a resolution of the stressed asset in accordance with the Reserve Bank of India (RBI) norms, sources said. A decision is expected as early as this week with the