Business Standard

Jet airways revival hits new snag as banks push back on funding

The new owners meanwhile have indicated that extra money wasn't part of the already agreed upon resolution plan and instead must be taken out of the banks' dues

Jet Airways
Premium

Photo: Bloomberg

Anurag Kotoky and Suvashree Ghosh | Bloomberg
Lenders to bankrupt Jet Airways India Ltd. are resisting a court-approved resolution plan, further delaying the former No. 1 private airline’s return to the skies, according to people familiar with the matter and email communications seen by Bloomberg News. 
The primary dispute is about whether the new owners of Jet Airways need to pay more money into the pension funds of ex-employees, the people said, asking not to be identified because they’re not authorized to speak publicly about the matter.

Banks, led by State Bank of India, say Jet Airways’ new buyers — Dubai-based businessman Murari Lal Jalan and Florian Fritsch,

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Dec 06 2022 | 5:53 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com